Coinbase, the largest US cryptocurrency exchange, demanded that it seek the US SEC to tally all the money the agency spent on crypto enforcement matters in the past four years.
In the first weeks of President Trump’s second administration, the Department of Government Efficiency, or DOGE, headed by the staunch Trump supporter and tech-billionaire Elon Musk, has uncovered a plethora of government misspending. Taking inspiration from President Trump’s money-saving agenda, Coinbase, one of the largest crypto exchanges in the world, has filed a request to the United States Securities and Exchange Commission (SEC) to submit the total number of American tax dollars spent on crypto enforcement actions over the past four years.
Coinbase Issues Public Record Request A La Doge
The Department of Government Efficiency (DOGE), headed by tech wizard Elon Musk, has made a clear impression on the crypto industry. After damning reports of government misspending came to light thanks to Mr Musk’s determination and grit to dismantle corruption in the US government, many others are now also questioning whether misspending could have occurred in other branches of government.
Coinbase can now breathe a sigh of relief after the SEC dropped its latest enforcement case against the exchange.
But no, says Coinbase: there’s no time to relax. The exchange wants the SEC to offer a report detailing every dollar and resource it has devoted to enforcing and investigating the broader crypto industry in recent years.
The exchange has taken the step to receive the information from the agency by filing a Freedom of Information Act (FOIA) request, aimed at getting hold of the SEC’s financials concerning enforcement actions against crypto firms.
Detailed Request
Coinbase’s request seeks clarification on the expenses the SEC incurred from April 17, 2021, to January 20, 2025, linked to investigations into crypto activities. Coinbase’s request is comprehensive and seeks to include various aspects surrounding the SEC’s actions, including:
- The number of investigations launched against crypto firms;
- Number of employees involved in the enforcement actions;
- Additional detail on third-party contractors engaged in enforcements and investigations;
- Total and complete financial expenditures on these actions.
- Paul Grewal took to the social media platform X (formerly Twitter) to speak further about these actions.
In a thread, Grewal posted:
We know the previous @SECgov’s regulation-by-enforcement approach cost Americans innovation, global leadership, and jobs, but how much did it cost in taxpayer dollars? Today @Coinbase submitted a FOIA request asking the SEC to explain how much its war on crypto cost taxpayers.…
— paulgrewal.eth (@iampaulgrewal) March 3, 2025
Adding;
“What do we hope to find out? How many investigations and enforcement actions were brought – and how much they cost; how many employees worked on these investigations/enforcement actions – and how much they cost; how many third-party contractors were used in these investigations/enforcement actions – and how much they cost.”
Adding;
“We also want to know more about the previous SEC’s infamous “Crypto Assets and Cyber Unit” within the Enforcement Division – what was their budget, how many employees worked on it, how much did those employee hours cost?”
Concluding with the following statement:
“We’ll never stop fighting for government transparency on behalf of our customers and this industry. It may take time to get the full picture, but I think we’ve shown that we will do what it take for as long as it takes. You can read our FOIA request here.”
Disclaimer: 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.
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