Coinbase Accuses SEC of Violating FOIA Over Deleted Texts
- Coinbase claims the SEC violated the Freedom of Information Act by not providing complete communications regarding Ethereum and digital assets.
- The SEC’s Office of Inspector General reported that former Chair Gary Gensler’s texts from October 2022 to September 2023 were permanently erased.
- Coinbase is seeking court sanctions against the SEC for failing to disclose the loss of records, which included key enforcement actions during significant crypto events.
- Over twenty senior SEC officials may have missing texts, raising concerns about recordkeeping practices within the agency.
- Coinbase argues that the SEC has fined firms over a billion dollars for poor recordkeeping, demanding similar accountability for itself.
The SEC faces mounting scrutiny as Coinbase highlights failures in transparency and recordkeeping, particularly during critical periods like the FTX collapse. The implications of these missing records could significantly impact public trust in regulatory oversight.
With over twenty senior officials potentially involved, Coinbase’s push for sanctions emphasizes the need for accountability in crypto regulation amidst ongoing challenges in compliance and oversight.(Source)
