Coinbase Requests Transparency: How Much Did SEC Spend on Crypto Investigations?

Jakarta, Pintu News – The largest cryptocurrency exchange in the US, Coinbase, has submitted a formal request to the US Securities and Exchange Commission (SEC) to detail the amount of funds that have been used in enforcement actions against the crypto industry over the past four years. The move comes amid the Trump administration’s efforts to clamp down on wasteful government spending.

The request was filed under the Freedom of Information Act (FOIA) and aims to reveal how much of the American public’s tax dollars the SEC is using in investigations and enforcement against crypto companies. Coinbase CEO, Brian Armstrong, as well as Chief Legal Officer Paul Grewal, emphasized that transparency is an important step in ensuring fair crypto regulation and not stifling innovation.

Investigation Focus and Use of SEC Funds

The request Coinbase filed focuses on the period between April 17, 2021 to January 20, 2025, covering various aspects of the SEC’s investigation into the crypto industry. Some of the key points requested in this request include:

1. The number of investigations that have been conducted against crypto companies.
2. Number of SEC employees involved in the enforcement action.
3. Details on third parties contracted in the investigation and enforcement process.
4. Total SEC financial expenditures related to crypto investigations.
5. Budget and headcount of the specialized Crypto Assets and Cyber Unit at the SEC.

Paul Grewal expressed concern that the SEC’s aggressive regulatory approach to crypto has hurt innovation, global leadership, and job opportunities in the US. Therefore, according to him, it is important to know how much the SEC has spent on this policy.

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Reactions from the Crypto Industry and Governments

This move by Coinbase has received mixed responses from the crypto community and the government. Transparency advocates argue that this is an important step in ensuring government regulatory accountability. They argue that the SEC should be more open in explaining how public funds are used, especially in policies that have a major impact on the tech and financial sectors.

On the other hand, some skeptics question whether this request is more political than in the interest of the industry as a whole. Given that the Trump administration is currently aggressively clamping down on government spending, there is a notion that Coinbase’s move is in line with that agenda. However, for the crypto community, clarity regarding SEC policy remains a top priority.

Conclusion

Coinbase’s request to the SEC highlights the importance of transparency in crypto regulation. With this FOIA request, Coinbase hopes to reveal how much money the SEC is spending on investigations into the crypto industry, as well as its impact on innovation and the economy. The move is part of a wider debate on how the government should regulate cryptocurrencies without stifling the development of the sector.

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Reference

• CryptoDaily. Give Us the Receipts: Coinbase Makes Public Records Request to Determine Total Money Spent by the SEC on Crypto Cases. Accessed March 7, 2025.
• Featured Image: CNBC