In a bold move shaking the foundations of U.S. crypto oversight, Coinbase has publicly released over 10,000 pages of previously hidden government documents—a treasure trove of emails, legal memos, and internal communications that expose years of regulatory ambiguity and backdoor maneuvering.
The documents, obtained via Freedom of Information Act (FOIA) requests filed by Coinbase and its legal partners, shine light on how key agencies like the SEC and FDIC have handled crypto regulation behind closed doors.
According to Coinbase’s Chief Legal Officer Paul Grewal, this initiative is about more than compliance—it’s about citizens’ right to know.
“Government transparency shouldn’t be a privilege,” Grewal posted on X, as Coinbase opened public access to its FOIA Reading Room archive.
Key Revelations From the FOIA Dump
- SEC Knew About Regulatory Gaps: A 2019 email shows SEC staff openly acknowledged a lack of clear regulatory authority over crypto—contradicting later public claims that regulation was clear.
- Ethereum as a Security? A 2023 email from the New York Attorney General’s Office urged the SEC to intervene in the KuCoin case and declare Ethereum a security. The SEC declined to act—raising more questions about their true stance.
- Tech Failures in High-Stakes Moments: One email revealed that SEC staff couldn’t access a video submitted by Coinbase due to internal IT limitations.
These leaks come as crypto regulation remains gridlocked, with U.S. agencies accused of regulating through lawsuits rather than providing clear, proactive guidance.
Coinbase’s release adds fuel to growing criticism that regulatory bodies have acted inconsistently, even secretively, while shaping crypto policy.
Coinbase Fights Back in Court
When FOIA requests were stonewalled with redactions and denials, Coinbase escalated the battle by suing multiple agencies in federal court. This legal pressure is what ultimately forced the release of thousands of pages now made public.
“This fight for transparency is bigger than Coinbase,” Grewal emphasized. “It’s about the right to our information from our government.”
A Line in the Sand for Crypto Regulation
This document drop arrives at a critical time, as Congress, courts, and the public demand clear crypto rules instead of ad hoc enforcement.
Pro-crypto advocates argue that regulators are shaping entire industries through quiet, unelected methods—a practice Coinbase’s actions are now dragging into the light.
Whether this will push the U.S. toward clearer, fairer crypto regulation remains to be seen. But one thing is certain: the era of quiet compliance and closed-door decision-making is over.
