Coinbase wants to know how many SEC employees worked on crypto cases, their salaries, and how much time they spent on enforcement efforts.
By Chimamanda U. Martha
Edited by Marco T. Lanz
Updated
3 mins read
Leading US cryptocurrency exchange Coinbase is demanding that the Securities and Exchange Commission (SEC) disclose how much taxpayer money was spent on crypto enforcement under its previous leadership. The exchange has filed a formal request seeking transparency on the financial burden of regulatory actions taken during former SEC Chair Gary Gensler’s tenure, which ended in January 2025 following President Donald Trump’s inauguration.
Coinbase aims to determine whether the SEC’s enforcement approach was a justified use of public funds or an excessive crackdown that hindered innovation in the crypto industry.
On Monday, March 3, Coinbase Chief Legal Officer Paul Grewal announced on X that the company had filed a Freedom of Information Act (FOIA) request, demanding that the SEC disclose its total expenditures on enforcement actions and investigations against digital assets between April 17, 2021, and January 20, 2025.
The exchange is also seeking detailed records on:
Coinbase noted that this information was missing from the documents provided to Congress. The company has also expressed willingness to pay the necessary processing fees to obtain the requested records.
During Gensler’s tenure, the SEC pursued enforcement actions against major crypto firms, including Binance, Coinbase, Gemini, and other digital asset service providers. The agency’s regulatory approach was widely criticized for stifling innovation and creating uncertainty in the US crypto market.
However, under the new SEC leadership appointed by the Trump administration, several high-profile cases against crypto companies—including those involving Robinhood, Coinbase, and Kraken—have been dropped. Last week, the agency agreed to end the case involving MetaMask’s parent company, ConsenSys, signaling a shift in regulatory strategy.
Gensler’s actions sparked backlash from the crypto industry, with critics accusing him of overreach. Notably, Gemini co-founder Tyler Winklevoss labeled him “evil” in a social media post on November 26, 2024, arguing that Gensler should never be allowed to hold power again. He went further, calling for a boycott of any company that hires Gensler post-SEC, stating that such a move would help prevent future abuses of authority.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
