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SEC Settles Coinbase-Backed FOIA Lawsuit for $150K, Agrees to Review Record Preservation

Guavy AI Editorial Team
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The SEC has agreed to pay $150,000 in legal fees as part of a settlement ending a Coinbase-backed Freedom of Information Act lawsuit. The agency will also review its records- and text-message-preservation practices after an inspector general finding that Gary Gensler's texts from Oct. 18, 2022 through Sept. 6, 2023 were lost.

The lawsuit was filed by History Associates on June 27, 2024, with Coinbase backing the case. The SEC will release two previously withheld documents as part of the settlement. However, it is unclear what these documents contain or when they must be released.

Paul Grewal, chief legal officer at Coinbase, called the outcome a win for transparency. The review of the agency's preservation practices may improve transparency around crypto regulation and enforcement, making market and policy clarity clearer for exchanges and other crypto participants.

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