More than 10,000 pages of previously unreleased government documents related to cryptocurrency were disclosed by Coinbase, revealing hidden regulatory strategies and internal inconsistencies that have intensified demands for urgent transparency reforms.
Coinbase Releases Extensive FOIA Archive Revealing Secretive U.S. Crypto Regulatory Practices
A stronger push for regulatory transparency was made last week by cryptocurrency exchange Coinbase (Nasdaq: COIN) through the release of a digital repository containing more than 10,000 pages of government records, which had been obtained via its Freedom of Information Act (FOIA) initiatives. In an official statement shared on the social media platform X, the announcement was delivered by Coinbase’s Chief Legal Officer, Paul Grewal.
Coinbase is sharing all the docs we’ve received in our ongoing FOIA campaigns with various government regulators – including 10,000+ pages of previously unpublished docs. Government transparency shouldn’t be a privilege.
The documents, sourced from agencies including the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC), have been made publicly available through Coinbase’s FOIA Reading Room.
It was explained by Coinbase that the Freedom of Information Act (FOIA) had been utilized to expose covert regulatory measures directed at the cryptocurrency sector. The webpage now hosts the documents that were received from various agencies in reply to these FOIA submissions, which had been filed by History Associates Inc.—a third-party FOIA specialist—under Coinbase’s instruction.
The archive comprises internal communications and legal exchanges, such as a 2019 email from the SEC acknowledging a “crypto regulatory gap,” which stands in contrast to later public denials. Notable entries also include a 2023 message from the New York Attorney General’s Office encouraging the SEC to submit an amicus brief in a Kucoin case that categorized Ethereum as a security—an action that was ultimately not taken by the SEC. Additionally, one email disclosed that a video submission from Coinbase could not be accessed by SEC personnel due to IT restrictions.
An escalation in Coinbase’s strategy occurred after initial FOIA requests were met with resistance. The company provided the following explanation:
When these FOIA requests faced resistance, such as broad denials and excessive redactions, Coinbase directed History Associates Inc. to sue the agencies in federal court for not complying with their FOIA obligations.
The broader significance of the initiative was emphasized by Grewal, who stated that the pursuit of transparency extends beyond Coinbase or even the 52 million Americans holding cryptocurrency—it concerns the public’s right to access information from their government. While certain regulators have defended the need for discretion in enforcement matters, supporters of the crypto sector interpret these revelations as evidence that clear regulations should take the place of what they consider enforcement-driven policymaking.
