Coinbase Demands to Know Cost of SEC’s War on Crypto: Details

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Cryptocurrency Shenanigans! 🕵️‍♂️

Coinbase Demands to Know Cost of SEC’s War on Crypto: Details

Oh, the drama! Coinbase, that grand old digital bazaar, has decided to poke around in the SEC’s pockets with a Freedom of Information Act request. You see, they want to know just how much Uncle Sam spent on its crusade against crypto, like some sort of crypto witch hunt! 🧙‍♂️ Paul Grewal, the exchange’s Chief Legal Officer, claims this request will be “comprehensive,” as if the SEC keeps its receipts in a tidy little pile. 😂

Coinbase FOIA Demands

According to Grewal’s latest pronouncements on X (formerly known as Twitter, before the bird’s nest got too messy), Coinbase wants to know how many times the SEC decided to play crypto detective and how much those investigations cost. They even want to know how many poor souls toiled away on these cases and, naturally, how much their sweat and tears cost the taxpayer.

What do we hope to find out? How many investigations and enforcement actions were brought – and how much they cost; how many employees worked on these investigations/enforcement actions – and how much they cost; how many third-party contractors were used in these…

— paulgrewal.eth (@iampaulgrewal) March 3, 2025

But wait, there’s more! Coinbase also wants a peek into the SEC’s now-defunct “Crypto Assets and Cyber Unit.” They’re nosing around for details like the unit’s budget, its personnel, and any other juicy tidbits about its inner workings. Apparently, they think the SEC was hiding something! 🙈

Don’t forget, Coinbase isn’t a stranger to FOIA requests. They once dug into the Federal Deposit Insurance Commission (FDIC) and uncovered Operation Chokepoint 2.0, which was about as fun as a root canal. 🦷 Grewal says these requests can take time, but Coinbase is determined to get to the bottom of things.

SEC Enforcement: A New Era?

With a fresh face at the helm of the SEC, Mark Uyeda, things seem to be changing. Suddenly, the SEC is dropping its crypto lawsuits like hot potatoes! Coinbase, Uniswap, Consensys, Robinhood, OpenSea – all getting a pardon. It’s like the SEC realized it was on the wrong side of history. Who knows, maybe they were just tired of all the paperwork! 🥱

Meanwhile, the crypto world is breathing a sigh of relief and starting to plan for the future. Asset management firms are even trying to bring in more products, like Litecoin, XRP, and Solana ETFs. Could this be the start of a crypto golden age? Only time will tell!

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2025-03-03 19:17