Coinbase has filed a Freedom of Information Act request with the SEC to uncover how much has been spent on crypto-related investigations and enforcement actions in past years, aiming to ensure regulatory transparency.
Coinbase's Request Objective
Coinbase's Chief Legal Officer, Paul Grewal, highlighted the need for details on resource allocation, employee hours, and the SEC’s budget distribution. The company is concerned about the financial burden of the SEC's regulatory actions on taxpayers. 'We want to understand the cost to Americans in terms of innovation and jobs,' Grewal stated.
Scrutiny of SEC's Budget
Coinbase references publicly available SEC congressional reports to obtain spending details on digital asset investigations. They particularly focus on the budget and costs of the Crypto Assets and Cyber Unit.
A Fight for Regulatory Clarity
Coinbase has been a staunch advocate for clear guidelines in the crypto industry, opposing the SEC's enforcement-driven approach. 'We’ll never stop fighting for government transparency on behalf of our customers and this industry,' Grewal affirmed.
Coinbase's FOIA request is part of its broader effort to secure fairness and transparency in crypto regulation. The company is prepared for an extended process in acquiring the requested information.
