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Coinbase has released thousands of government documents obtained through Freedom of Information Act (FOIA) requests. The move adds more pressure on regulators and fuels a wider debate about how crypto oversight is being handled behind closed doors.
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The 10,000-page trove includes records from the U.S. Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation (FDIC), and others. Internal memos, emails, and legal exchanges offer a glimpse into conversations regulators have had about digital assets—some of which appear to conflict with public statements.
In one example, a 2019 email from the SEC openly refers to a “crypto regulatory gap,” despite the agency later denying such a gap existed. Another document shows the New York Attorney General’s Office urged the SEC to join a Kucoin case in 2023 and declare ethereum a security. The SEC never followed through.
Even the agency’s internal tech issues became apparent—at one point, SEC staff were unable to open a video submission from Coinbase due to system limitations.
Coinbase did not get all the documents easily. In fact, many initial FOIA requests were rejected or came back heavily redacted. So, they responded by instructing History Associates Inc. to file lawsuits against the agencies in federal court for failing to meet FOIA rules.
The company says it is not just acting in its own interest. In a statement on X, Coinbase Chief Legal Officer Paul Grewal said:
“Coinbase is sharing all the docs we’ve received in our ongoing FOIA campaigns with various government regulators – including 10,000+ pages of previously unpublished docs. Government transparency shouldn’t be a privilege.”
Grewal also pointed out that the issue affects more than Coinbase or the 52 million Americans holding crypto. It comes down to the public’s right to access information from federal agencies.
Some regulators defend discretion in enforcement to protect ongoing investigations. However, Coinbase and others in the crypto industry argue that the lack of clear rules has created an environment where regulation happens through lawsuits rather than structured guidance.
The newly published documents might not change the law, but they do offer new fuel to the argument that crypto regulation in the U.S. needs far more clarity—and much less secrecy.