Coinbase: SEC demands disclosure of taxpayer money spent on cryptocurrency wars

Cryptocurrency exchange Coinbase is taking steps to clarify how much the U.S. Securities and Exchange Commission (SEC) has spent on regulatory enforcement actions targeting cryptocurrency companies.
Coinbase announced on the 3rd (local time) through a statement on X that the SEC will impose a censorship on crypto assets (virtual currencies) from April 17, 2021 to January 20, 2025.
It said it had filed a Freedom of Information Act (FOIA) request to verify the number of investigations and legal actions it had taken against the companies.
Paul Grewal, Chief Legal Officer at Coinbase
"We will take all necessary steps to obtain relevant information from the SEC and follow through to completion, no matter how long it takes," said UL Grewal, who also said he would not comment on how many employees are involved in the legal action.
The SEC's previous method of "enforcement under the guise of regulation" was a major driver of U.S. innovation.
"We already know that it has cost us innovation, global leadership and jobs. But we don't know how much of taxpayer money has gone into that," he added.
He also said he wanted to know about the SEC's notorious cryptocurrency and cyber division within the Division of Enforcement, including what the division's budget was, how many employees worked there, and what his
The SEC's Cryptocurrency and Cyber Division was established in 2017 to investigate fraudulent and unregistered crypto assets and platforms.
The department was replaced on February 20 by the Cyber and Emerging Technologies Department (CETU).
According to reports, an SEC spokesperson declined to take an official stance on the matter.
He said.