Coinbase has made a significant statement by releasing over 10,000 pages of internal documents from U.S. regulators, including the SEC and FDIC. These documents provide a unique insight into the internal workings of regulatory bodies regarding cryptocurrency.
What the Documents Reveal?
Coinbase's Chief Legal Officer, Paul Grewal, shared that the documents were gathered through Freedom of Information Act (FOIA) requests made to key regulators like the SEC and FDIC.
The documents include internal emails and legal memos, many of which had never been made public before. One 2019 email from the SEC even admits to a 'regulatory gap' around crypto, something the agency has often denied in public. Another 2023 message shows that the New York Attorney General asked the SEC to call Ethereum a security in a case against KuCoin, but the SEC didn’t follow through.
Another email shows how SEC staff couldn’t open a video file submitted by Coinbase due to IT issues, hinting at deeper flaws in how crypto issues are even processed internally.
From Pushback to Lawsuits
Coinbase didn’t receive all this information easily. According to the company, many FOIA requests were met with delays, denials, and heavy redactions. That’s when Coinbase brought in a third-party FOIA expert, History Associates Inc., and even took legal action to force compliance.
Paul Grewal noted that this effort isn’t just about one company or crypto investors; it’s about the right of every American to know what the government is doing.
Why It Matters?
As the crypto space grows, so does the need for clear rules. Thus, the Coinbase message is clear: people want rules, not confusion.
And Coinbase is making sure those conversations should be brought up in front of millions of crypto holders, one where transparency leads the way.
The publication of these documents by Coinbase opens up access to important information about how regulatory bodies operate in the cryptocurrency world and underscores the need for transparency in this rapidly evolving sector.
