On Wednesday, July 22, 2026, Reuters reported that Coinbase settled a Freedom of Information Act lawsuit against the U.S. Securities and Exchange Commission over records the cryptocurrency exchange had sought from the agency.
Paul Grewal, Coinbase’s chief legal officer, disclosed the settlement in a Wall Street Journal op-ed. Grewal said the SEC, which oversees corporate record-keeping requirements, had lost text messages exchanged between former Chair Gary Gensler and other officials. The messages were erased after a process the agency said “automatically wiped” certain data.
Under the settlement terms, the SEC will pay $150,000 and overhaul its record-retention policies, Grewal wrote.
Coinbase originally filed suit against the SEC and the Federal Deposit Insurance Corporation in 2024, seeking documents it argued would reveal a coordinated effort by U.S. regulators to suppress cryptocurrency companies. The lawsuit specifically sought communications involving senior SEC officials, including Gensler.
The settlement comes amid a broader shift in Coinbase’s relationship with regulators under President Donald Trump’s administration. The company has secured several regulatory victories, including the dismissal of a major SEC lawsuit filed against it during President Joe Biden’s tenure.
Coinbase also backed a stablecoin bill that Congress passed.
Reuters has separately reported the SEC is developing additional industry-friendly policies, including one permitting crypto firms to offer blockchain-based stocks.
Source: Reuters
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