Coinbase Reveals 10,000 Pages of FOIA Documents Highlighting SEC’s Cryptocurrency Regulatory Gap

On May 8, Coinbase’s Chief Legal Officer, Paul Grewal, revealed that the company has submitted over 10,000 pages of Freedom of Information Act (FOIA) documents, shedding light on its interactions with various government regulatory agencies. Significant revelations include the SEC recognizing a notable “cryptocurrency regulatory gap” back in 2019. Additionally, the New York Attorney General’s Office sought clarification from the SEC regarding the security classification of Ether in 2023, a request that was ultimately denied. Other documents highlight the SEC’s inadequate technical capacity to evaluate Coinbase’s video response, raising questions about regulatory efficiency. This initiative underscores Coinbase’s commitment to enhancing government transparency, directly impacting the interests of approximately 52 million U.S. cryptocurrency holders aiming for a clearer regulatory framework.