Odaily Planet Daily reports: The U.S. Securities and Exchange Commission (SEC) has agreed to pay $150,000 to resolve a Freedom of Information Act (FOIA) lawsuit concerning its Ethereum investigation records. According to a joint case status report filed on July 22, the SEC has reached a settlement with plaintiff History Associates Inc. and has requested the U.S. District Court for the District of Columbia to dismiss the case.
Pursuant to the agreement, the SEC will continue to provide the remaining relevant documents and pay a fixed amount to cover the plaintiffs' legal fees. The lawsuit was filed in June 2024 by History Associates, an agency retained by Coinbase, seeking the SEC’s disclosure of materials related to its regulatory investigation of Ethereum, including documents concerning investigations of Zachary Coburn and Enigma MPC, as well as records of regulatory discussions regarding Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS).
Previously, this lawsuit prompted the SEC to deliver thousands of documents. The court also required the SEC to prioritize providing communications related to Ethereum’s transition from PoW to PoS that were sent, received, or reviewed by then-Chairman Gary Gensler.
During the case, the SEC sparked controversy over the deletion of portions of Gensler’s text messages. The SEC Office of the Inspector General previously disclosed that the agency inadvertently deleted Gensler’s text messages from October 2022 to September 2023, and subsequent documents revealed that the SEC also erased data from 21 senior officials’ phones.
Coinbase CEO Brian Armstrong said the incident highlights transparency issues within government agencies during the cryptocurrency regulatory process, adding that the related lawsuit aims to ensure public access to the basis of regulatory decisions. As the SEC completes its remaining document submissions, this lawsuit, which has lasted more than two years, will officially conclude. (CoinDesk)