US SEC settles FOIA lawsuit with Coinbase over lost messages
Coinbase has settled a Freedom of Information Act (FOIA) lawsuit against the U.S. Securities and Exchange Commission (SEC), according to a Wall Street Journal op-ed by Coinbase's chief legal officer, Paul Grewal. The lawsuit sought records from the SEC, including text messages between former Chair Gary Gensler and other officials that the agency said were 'automatically wiped' due to its data retention policies. As part of the settlement, the SEC will pay $150,000 and reform its record-retention policies. Coinbase originally sued the SEC and the FDIC in 2024, alleging a coordinated effort by U.S. regulators to suppress crypto companies. The exchange has since achieved significant legal victories under President Donald Trump, including the dismissal of a major SEC enforcement action and the passage of a stablecoin bill in Congress.
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