Crypto exchange Coinbase (Nasdaq: COIN) intensified its push for regulatory transparency last week by unveiling a digital archive of over 10,000 pages of government documents acquired through its Freedom of Information Act (FOIA) campaigns. In a public statement posted on social media platform X, Coinbase’s Chief Legal Officer Paul Grewal declared:

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we’ve received in our ongoing FOIA campaigns with various government regulators – including 10,000+ pages of previously unpublished docs.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.

The documents, obtained from agencies such as the U.S. Securities and Exchange Commission (SEC) and Federal Deposit Insurance Corporation (FDIC), are now accessible via Coinbase’s FOIA Reading Room.

“Coinbase has used the Freedom of Information Act (FOIA) to uncover regulatory actions targeting the crypto industry behind closed doors. This webpage includes the documents Coinbase received from agencies in response to these FOIA requests, which History Associates Inc., a third-party FOIA expert, filed at Coinbase’s direction,” the crypto exchange detailed.

The collection features internal emails and legal correspondence, including a 2019 SEC email acknowledging a “crypto regulatory gap”—contradicting later public denials. Other highlights include a 2023 communication from the New York Attorney General’s Office urging the SEC to file an amicus brief in a Kucoin case labeling ethereum as a security, a request the SEC did not act on. One email even shows that SEC staff were unable to access a video submission from Coinbase due to IT limitations.

Coinbase’s approach escalated when initial FOIA petitions encountered obstruction. The company explained:

When these FOIA requests faced resistance, such as broad denials and excessive redactions, Coinbase directed History Associates Inc. to sue the agencies in federal court for not complying with their FOIA obligations.

Grewal stressed the broader implications of the effort: “This fight for transparency is bigger than Coinbase, or even the 52M Americans who own crypto. It’s about the right to our information from our government.” While some regulators argue that discretion is necessary in enforcement contexts, pro-crypto voices view these disclosures as proof that regulatory clarity must replace what they see as rulemaking through litigation.

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