Coinbase Demands SEC Transparency in Crypto Probe Costs

Coinbase, a leading cryptocurrency exchange, has taken a significant step towards transparency by submitting a Freedom of Information Act (FOIA) request to the U.S. Securities and Exchange Commission (SEC). The request, filed on March 3rd, seeks detailed information about the SEC's cryptocurrency fraud investigations and enforcement actions during the tenure of former Chair Gary Gensler.

The FOIA request, as reported by COINOTAG News, aims to uncover the precise costs associated with the SEC's cryptocurrency-related investigations and enforcement actions. coinbase is particularly interested in obtaining data regarding investigations related to the issuance and sale of digital assets, secondary market trading, staking, and lending activities from April 17, 2021, to January 20, 2025.

The request seeks detailed information, including the count and identification of investigations, staffing details, and compensation levels for SEC personnel involved in the Cryptocurrency and Network Section. Coinbase's Chief Legal Officer emphasized that this effort is rooted in a commitment to transparency for American taxpayers and expressed optimism that the new SEC leadership will usher in a renewed focus on accountability.

As of now, there has been no immediate response from the SEC concerning this FOIA request. However, Coinbase's initiative has sparked interest and discussion within the cryptocurrency community about the need for greater transparency and accountability in the regulation of the sector.