Coinbase reached a settlement under the Freedom of Information Act (FOIA) with the U.S. Securities and Exchange Commission (SEC). The financial regulator will pay a total of $150,000 and modify its internal record retention policies after admitting to the loss of text messages between former Chairman Gary Gensler and senior officials between April 2021 and January 2025.
Paul Grewal, Chief Legal Officer at Coinbase, called the SEC’s explanation regarding an automatic data wipe “inconsistent,“ pointing out the double standard compared to the multi-million dollar penalties the agency typically imposes on the private sector for similar compliance failures. This achievement adds to the exchange’s previous FOIA victory against the FDIC regarding the restrictive banking strategy known as “Operation Choke Point 2.0.”
The outcome sets a fundamental precedent for accountability and institutionality within the digital asset industry in the United States. Following the final dismissal of the SEC’s lawsuit against Coinbase and legislative support for stablecoins in Congress, the crypto market continues to strengthen its regulatory standing and institutional transparency.
Source: https://goo.su/NXJrl
Disclaimer: Crypto Economy Flash News is prepared from verified official and public sources by our editorial team. Its purpose is to provide quick updates on relevant events in the crypto and blockchain ecosystem. This information does not constitute financial advice or investment recommendations. We always recommend verifying official channels for each project before making related decisions.
