According to Cryptoslate, Coinbase is requesting records of the fees incurred by the Securities and Exchange Commission (SEC) in carrying out regulatory actions during the tenure of former chairman Gary Gensler. Coinbase Chief Legal Officer Paul Grewal revealed that the company has submitted a request under the Freedom of Information Act seeking data on employee hours, contractor fees, and other projects related to what he called the SEC's "cryptocurrency war". His statement pointed out the SEC's investigation of Coinbase, Gemini and other companies under Gensler's leadership, and the extensive impact on American employment and technological competitiveness.
The application submitted under the Freedom of Information Act requires detailed documentation on the number of enforcement actions taken against digital asset entities, the associated costs of these actions, and the personnel resources allocated for them. Coinbase also hopes to obtain information on the previously referred to "Crypto Assets and Networks Department", requesting clarification on the department's budget, number of employees, and total compensation. According to Grewal, this move aims to expose how taxpayer funds are being used to support what he believes is radical regulation lacking formal regulations. Grewal further pointed out that the company will continue to seek higher transparency and hinted that the upcoming documents may reveal to what extent enforcement measures have influenced policy decisions.
