SEC Ends Years-Long Dispute with Coinbase Over Records Requests

The U.S. Securities and Exchange Commission (SEC) has reached a settlement with Coinbase, ending a years-long dispute over records requests from the Gensler era.

Coinbase Chief Legal Officer Paul Grewal said former SEC Chair Gary Gensler waged a 'litigation campaign against the industry' during his tenure, which included suing Coinbase and other crypto firms for allegedly failing to comply with federal securities registration requirements.

In 2024, Coinbase filed lawsuits against the SEC and Federal Deposit Insurance Corporation (FDIC) for not complying with Freedom of Information requests. The company sought information about how the SEC views ether and other investigations, as well as details on the FDIC's 'pause letters,' which were issued to financial institutions between March 2022 and May 2023.

As part of the settlement, the SEC agreed to pay $150,000 in attorney fees to History Associates, a consultant firm working with Coinbase. The agency also released two withheld documents and will conduct a review of its records and text message preservation practices.