In a move to uncover the financial impact of the U.S. Securities and Exchange Commission's (SEC) regulatory actions against the cryptocurrency industry, Coinbase has filed a Freedom of Information Act (FOIA) request. The request aims to reveal how much the SEC spent on enforcement actions under former Chair Gary Gensler, who led the agency until January 2025.

Coinbase's Chief Legal Officer, Paul Grewal, emphasized the need for transparency, stating that the public deserves to know how taxpayer dollars were used in what he described as the SEC's "war on crypto." The FOIA request seeks detailed information on the number of investigations and enforcement actions taken against crypto firms between April 17, 2021, and January 20, 2025. It also inquires about the number of SEC employees and third-party contractors involved, as well as the total costs associated with these efforts.

A particular focus is on the SEC's Crypto Assets and Cyber Unit, which was replaced by the Cyber and Emerging Technologies Unit (CETU) in February 2025. Coinbase wants to understand the unit's budget, employee count, and labor costs related to crypto enforcement.

This request comes as the SEC transitions under new leadership, with Commissioner Mark Uyeda as acting chairman, who has reversed several high-profile crypto cases. Coinbase's push for transparency reflects a broader industry demand for clearer regulatory guidelines and accountability in how taxpayer funds are used.