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FollowingThe U.S. Securities and Exchange Commission agreed to pay $150,000 in legal fees to settle the Coinbase lawsuit
The U.S. Securities and Exchange Commission (SEC) agreed to pay $150,000 in legal fees to settle the lawsuit filed by Coinbase. The lawsuit aims to obtain the SEC's internal records during the Biden administration's strict regulation of cryptocurrencies. The agreement, filed Wednesday, ends a two-year lawsuit between the SEC and Coinbase. Coinbase previously asked regulators to provide internal documents to expose evidence of "regulating cryptocurrencies through law enforcement." An internal report in 2025 showed that the SEC deleted former SEC Chairman Gary Gensler's text message records for nearly a year due to an "avoidable" error.
Paul Greval, chief legal officer of Coinbase, said in an article published on Wednesday: "The agency responsible for overseeing corporate record-keeping lost a large number of text messages between Mr. Gensler and other officials during the height of the anti-cryptocurrency movement." He added that the SEC would pay $150,000 in "damages" and had revised its record-retention policy.
The settlement marks another legal victory for Coinbase during the Trump administration. The SEC, under Paul Atkins, took a more pro-cryptocurrency stance and reversed several major enforcement actions against cryptocurrency companies, including Coinbase, in 2025.
Related Background
In February, Coinbase reached a settlement with the Federal Deposit Insurance Corporation (FDIC), which agreed to pay $188,440 in legal fees and revise the content of its transparency policy. Previously, a federal court ruled that the FDIC violated the Freedom of Information Act.
Greval said in a social media post in February: "Years of litigation are worth it. We have successfully exposed dozens of cryptocurrency 'pause letters'-irrefutable evidence of OCP 2.0 and its coordinated efforts to crowd out the industry."
Greval will step down as chief legal officer
Paul Greval, who has been chief legal officer of Coinbase since 2020, plans to transfer to an advisory role on the exchange starting July 31. Coinbase legal vice presidents Molly Abraham and Ryan Van Gerak will serve as general counsel and vice chairman respectively.
