Coinbase’s Hilarious Quest for SEC’s Secret Spending Spree!

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Oh, gather ’round, dear readers, for a tale of intrigue and a sprinkle of mischief! The illustrious Coinbase, a grand titan of the cryptocurrency realm, has decided to don its detective hat and demand that the Securities and Exchange Commission (SEC) spill the beans on just how much of your hard-earned taxpayer dollars went down the rabbit hole of crypto enforcement! 🕵️‍♂️💰

With a flourish, Coinbase has filed a formal request, seeking the juicy details of the financial shenanigans that took place under the watchful eye of the former SEC Chair, Gary Gensler. His reign ended in January 2025, right after President Donald Trump took the stage. What a show! 🎭

Now, Coinbase is on a mission to uncover whether the SEC’s heavy-handed approach was a wise investment of public funds or just a wild goose chase that squashed innovation in the crypto wonderland. 🦢💨

Coinbase’s FOIA Fiasco: The SEC Spending Saga!

On a rather ordinary Monday, March 3, Coinbase’s Chief Legal Officer, the ever-so-brilliant Paul Grewal, took to X (formerly known as Twitter) to announce their daring Freedom of Information Act (FOIA) request. They want the SEC to reveal its total spending on enforcement actions and investigations against digital assets from April 17, 2021, to January 20, 2025. Talk about a treasure hunt! 🗺️💎

But wait, there’s more! Coinbase is also on the lookout for:

  • The grand total of digital asset-related investigations the SEC conducted each year during that time. 📊
  • The number of full-time employees (FTEs) involved in these crypto capers, along with their salaries and benefits. Cha-ching! 💵
  • The total hours SEC employees spent pondering the mysteries of crypto and blockchain. ⏳
  • The number of external contractors, expert witnesses, and consultants brought in to help with the crypto crusade. 🧙‍♂️
  • The annual budget for the SEC’s unit once known as the “Cyber Unit” or the “Crypto Assets and Cyber Unit.” Sounds fancy, doesn’t it? 🎩

Coinbase cheekily noted that this information was mysteriously absent from the documents provided to Congress. And guess what? They’re even willing to cough up the necessary processing fees to get their hands on these elusive records! How generous! 💸

Gensler’s SEC: The Crypto Crackdown Chronicles!

During Gensler’s time in the hot seat, the SEC went on a rampage, targeting major crypto firms like Binance, Coinbase, and Gemini. Critics were quick to pounce, claiming that his regulatory tactics were like a wet blanket thrown over innovation, leaving the US crypto market in a state of confusion. 😵‍💫

But lo and behold! With the new SEC leadership appointed by the Trump administration, many high-profile cases against crypto companies—including those involving Robinhood, Coinbase, and Kraken—have been tossed aside like yesterday’s newspaper. Just last week, the agency decided to drop the case against MetaMask’s parent company, ConsenSys, signaling a dramatic shift in their regulatory playbook. 📜✂️

Gensler’s actions didn’t go unnoticed, sparking a wave of backlash from the crypto community. The ever-controversial Tyler Winklevoss, co-founder of Gemini, didn’t hold back, labeling Gensler as “evil” in a social media outburst on November 26, 2024. He even called for a boycott of any company that dares to hire Gensler post-SEC. Now that’s what I call a dramatic exit! 🚪💥

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2025-03-04 00:57