SEC reaches settlement with Coinbase over records requests from Gensler era

The U.S. Securities and Exchange Commission reached a settlement with Coinbase on Wednesday, ending a years-long legal dispute over the agency's handling of records requests tied to the prior administration.On Wednesday, in an op-ed published by The Wall Street Journal, Coinbase Chief Legal Officer Paul Grewal said former SEC Chair Gary Gensler waged a "litigation campaign against the industry." During Gensler's tenure, the SEC sued Coinbase and several other crypto firms, alleging they failed to comply with federal securities registration requirements.In 2024, Coinbase filed two lawsuits — one against the SEC and another against the Federal Deposit Insurance Corporation — for not complying with Freedom of Information requests. In the complaints, Coinbase, through consultant firm History Associates, Inc., accused the regulators of trying to cut off the crypto industry from the banking sector. FOIA requests, made under the Freedom of Information Act, allow the public to ask for records from any federal agency."The victories have lasting consequences: FDIC and SEC are rewriting disclosure and records retention practices, which will improve transparency and limit the ability of agencies to overreach behind closed doors again in the future," Grewal said in a statement.In its case against the SEC, Coinbase asked for information about how the agency views ether as well as information about other investigations. As for the FDIC, Coinbase sent FOIA requests on the agency's "pause letters."The FDIC began issuing "pause letters" between March 2022 and May 2023 to some financial institutions, asking them to not expand crypto-related activities and provide more information. The FDIC settled with Coinbase in February.As part of the settlement on Wednesday, the SEC agreed to pay $150,000 to History Associates for attorney fees, and agreed to release two documents that had been withheld as well as conduct a review of its records and how it preserves text messages, according to the court filing.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.