Coinbase Demands Transparency: FOIA Request Targets SEC's Crypto War

Coinbase, a prominent U.S.-based cryptocurrency exchange, has filed a Freedom of Information Act (FOIA) request against the U.S. Securities and Exchange Commission (SEC) to uncover details about the agency's enforcement actions against the crypto industry. The request seeks information on the SEC's expenditures, including staff time, legal fees, and other costs associated with its "war on crypto."

Paul Grewal, Coinbase's chief legal officer, announced the FOIA request, stating, "Today, Coinbase submitted a FOIA request asking the SEC to explain how much its war on crypto cost taxpayers." The exchange aims to shed light on the SEC's approach to regulating the crypto industry and the resources it has dedicated to enforcement actions.

Coinbase's FOIA request comes amidst ongoing tensions between the crypto industry and the SEC. The agency has been criticized for its aggressive stance towards crypto companies, with some arguing that it is stifling innovation in the sector. The SEC has taken enforcement actions against several high-profile crypto companies, including Kraken and Coinbase itself.

In a recent development, the SEC appears to have dropped its lawsuit against Kraken, ending a "wasteful and unnecessary" legal battle. The move has been seen as a sign that the agency may be softening its stance towards the crypto industry, although it remains to be seen how this will play out in the long term.

Meanwhile, El Salvador continues to defy international pressure and maintain its Bitcoin strategy. The country has added another 5 BTC to its holdings, pushing its total to 6,101 BTC, valued at around $530 million at Bitcoin's current price. President Nayib Bukele has publicly refuted the IMF's demands to stop mining Bitcoin and acquiring new BTC, emphasizing that the country will not stop stacking the flagship crypto.

El Salvador's Bitcoin experiment has been a contentious issue, with critics arguing that it is a risky and ill-advised move. However, the country's president has received support from prominent Bitcoin stakeholders, including Michael Saylor, the co-founder and executive chairman of Strategy. Saylor has praised El Salvador's Bitcoin adoption, stating that it is "unstoppable."