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Coinbase has officially requested the U.S. Securities and Exchange Commission (SEC) to disclose its spending related to regulatory actions in the cryptocurrency sector. The request, made under the Freedom of Information Act, seeks to uncover the number of investigations conducted by the SEC, the penalties imposed, and the total budget utilized in these operations. This request covers investigations from April 17, 2021, to January 20, 2025. The SEC has not commented on this matter.
SEC’s Cryptocurrency Investigations and Expenses
Coinbase’s request questions the transparency of SEC’s activities concerning the cryptocurrency market. The company aims to learn how many of the investigations were directly conducted by SEC employees, how many were outsourced to third-party contractors, and the total expenditure involved in these processes.
Since establishing its Crypto Assets and Cyber Unit in 2017, the SEC has actively conducted investigations against illegal and unregistered cryptocurrency offerings. However, as of February 20, this unit has been replaced by the Cyber and Emerging Technologies Unit. The extent and effectiveness of public resources utilized in this regard remain subjects of debate.
Debate on Changes in Regulatory Policies
The SEC’s actions towards the cryptocurrency sector represent a critical juncture for regulatory policies in America. The impending departure of former SEC Chair Gary Gensler on January 20, 2025, and the new administration’s inclination to withdraw from certain lawsuits signifies potential shifts in regulatory perspectives.
The SEC has filed lawsuits against multiple major cryptocurrency firms, including Coinbase. However, the SEC’s voluntary dismissal of its lawsuit against Coinbase on February 27 is perceived as a signal of change in this context.
The documents requested by Coinbase will not only reveal the magnitude of public spending but may also provide insights into future regulatory measures. Companies operating in the cryptocurrency market aim to take more informed steps against regulatory uncertainties by understanding the details of the SEC’s expenditures.
