Odaily Planet Daily News: On Wednesday, the U.S. SEC reached a settlement with Coinbase, resolving a years-long legal dispute over the handling of document requests from the Gensler era.
According to court documents, the SEC has agreed to pay History Associates $150,000 in legal fees and release two previously withheld documents. Additionally, the SEC will review its recordkeeping policies and how communications, including text messages, are retained.
This case originated from Coinbase’s 2024 lawsuits against the SEC and FDIC, filed through the consulting firm History Associates, alleging that both regulatory agencies failed to comply with Freedom of Information Act (FOIA) requests. Coinbase stated that these record requests relate to whether the regulators attempted to sever the cryptocurrency industry’s connection to the banking system.
Coinbase Chief Legal Officer Paul Grewal wrote in a Wall Street Journal op-ed that former SEC Chair Gary Gensler launched a “litigation campaign” against the crypto industry. During Gensler’s tenure, the SEC sued Coinbase and multiple crypto companies, alleging they failed to comply with federal securities registration requirements.
Grewal said this settlement has long-term implications, as the FDIC and SEC are rewriting disclosure and recordkeeping practices, which are expected to enhance regulatory transparency and limit regulators' ability to overreach behind closed doors in the future.