Coinbase News: Filing FOIA to Uncover SEC’s Crypto Enforcement Costs

In a move to gain transparency into the regulatory landscape of the cryptocurrency industry, Coinbase has taken a proactive step by filing a Freedom of Information Act (FOIA) request with the Securities and Exchange Commission (SEC). This request aims to uncover the financial implications of the SEC’s enforcement actions against crypto firms during the Biden Administration.

Coinbase Files FOIA To Discover Cost Of SEC’s War On Crypto

Coinbase has filed a Freedom of Information Act (FOIA) request to seek information on the Securities and Exchange Commission (SEC)’s spending on enforcement actions against crypto firms during the Biden Administration. Paul Grewal, Coinbase’s Chief Legal Officer (CLO), announced that the company had submitted the FOIA request to the SEC asking how much the regulatory agency had spent on crypto-related enforcement actions. The crypto exchange requested information on how much money the SEC’s “regulation by enforcement” approach cost in taxpayer dollars.

SEC Agrees To Drop Lawsuit Against Cumberland DRW

Cumberland DRW, the crypto trading branch of DRW, has reached an agreement with the SEC to formally end its lawsuit over allegations of operating as an unregistered dealer. The finalization of the agreement is still pending approval. Once approved, the joint filing will officially end the litigation against the crypto company, which was accused of violating federal securities law. The SEC has recently dropped multiple lawsuits against major crypto firms like Kraken, Coinbase, and OpenSea, signaling a shift in its regulatory approach to crypto.