SEC, Coinbase Settle Gensler-Era Records Dispute

During Gary Gensler’s tenure as chair, the U.S. Securities and Exchange Commission sued Coinbase and other cryptocurrency companies, alleging failures to comply with federal securities registration rules. Coinbase pushed back in 2024 through consultant History Associates, suing under the Freedom of Information Act for records on the SEC’s view of ether and other investigations. The dispute became a test of regulatory transparency and federal agencies’ duties to preserve communications.

On July 22, 2026, the SEC agreed to settle the years-long records case. Under a court filing, the agency will pay History Associates $150,000 in attorneys’ fees, release two previously withheld documents and review its recordkeeping and preservation of text messages. Coinbase Chief Legal Officer Paul Grewal said the outcome would have lasting consequences by prompting the SEC to improve disclosure and records-retention practices.