Coinbase Wins Big as SEC Agrees to Pay $150K and Reform Recordkeeping

Coinbase has emerged victorious in its FOIA case against the U.S. Securities and Exchange Commission (SEC), which has agreed to pay $150,000 to settle the dispute.

The SEC will also change how it saves official messages after admitting that important communications from former SEC Chair Gary Gensler were deleted.

The controversy began when Coinbase filed FOIA requests for internal records related to crypto policies. When the SEC failed to provide them, Coinbase took the agency to federal court.

The SEC initially claimed that nearly a year's worth of Gensler's text messages had been erased due to an automatic system on government-issued devices.