SEC Settles Coinbase Lawsuit Over Missing Records on Ethereum Investigation

The U.S. Securities and Exchange Commission (SEC) has settled a lawsuit filed by Coinbase over missing records related to its investigation into Ethereum's switch to proof-of-stake.

The SEC agreed to pay $150,000 in legal fees and produce the remaining responsive documents as part of the settlement.

The case dates back to June 2024 when History Associates Inc., acting on behalf of Coinbase, filed a lawsuit after the SEC failed to fully respond to three records requests submitted the previous year.

The requests sought documents related to SEC investigations into Zachary Coburn and Enigma MPC, as well as records concerning Ethereum's shift to a proof-of-stake system.

The court ordered the SEC to prioritize records and communications sent or received by former Chair Gary Gensler about Ethereum's migration from a proof-of-work blockchain to a proof-of-stake network.