As the smoke is clarified in its own case of newly abandoned application, Coinbase requires that the United States Stock Exchange Commission and secluds a record of its expenses in investigations and actions against the industry in general in recent years
The greatest exchange of Cryptocurrencies of the United States is presenting a request from the Law on Freedom of Information, using its history of Contractors Associates Inc., to obtain the accounting of the internal agency to the expenses of its execution campaign that involves digital asset businesses. The document seeks total costs for research and application actions in the last four years; a list of specific companies; the number of employees and contractors working in cases; and financial information on the operation of the previous leadership crypto compliance unit.
The SEC has been under a new administration since the inauguration of President Donald Trump, who raised Commissioner Mark Uyeda to be an interim president. Uyeda began a dramatic reversal of the agency’s cryptographic position, replacing legal officials, turning off investigations and dismissing long -term judicial cases, including that against Coinbase.
“We are asking the SEC to produce this information voluntarily and be subject to its Foia obligations, without making coinbase or any other person have to go to court to obtain what we believe that the US people deserve to know,” said the legal director of Coinbase, Paul Grewal, in an interview with Coindesk.
Coinbase has followed the SEC in the Federal Court before in public records disputes, and the company’s effort to reveal communications on the internal discussions of the regulator on cryptographic supervision remains an active case.
Although the agency has released digital asset companies from execution cases, some in the industry have asked the SEC to pay more hard for the way it managed the sector under President Gary Gensler, including requests to fire more personnel involved. Grewal insisted that this request for records is not retaliation, but that transparency is necessary on what happened.
“It is not just about coinbase or any other person who takes a return of the victory or trying to rub the sec or the nose of any other person in his admission that the last four years were a mistake,” he said. “This is much more about learning the lessons in history so that we never have to repeat them.”
While the public has the right to see government documents, the process to obtain them is often encountering the obstacles of the agency and can be stretched in months or years. And the SEC can cite exceptions that include cases that remain active, which still include a series of cryptographic issues that involve companies such as Kraken, Ripple and Crypto.com. But Grewal said that closed cases such as Coinbase and the many other companies that receive good news in recent days should be available for scrutiny.
“We are going to put the facts on the table,” Grewal said. “We collect what the costs were. Consider if there were some benefits that should also be measured. And then decide, is this what we want for our country and for our economy, and how we prepare the rules to ensure that this does not happen again?”
Read more: the American regulator told banks to avoid cryptography, letters obtained by Coinbase Revel
