SEC Settles FOIA Lawsuit with Coinbase, Agrees to Pay $150,000 Over Lost Gensler-Era Records

On July 22, 2026, the U.S. Securities and Exchange Commission reached a settlement in a 2024 Freedom of Information Act lawsuit pursued by History Associates Incorporated on Coinbase's behalf. The SEC agreed to pay $150,000 in attorney fees to History Associates, release two withheld documents, and review its records and text-message preservation practices. The lawsuit predated the inspector general's 2025 finding that an automated process had wiped text messages from former Chair Gary Gensler's device covering October 2022 to September 2023, a period that included the FTX collapse and major crypto enforcement actions.

SEC FOIA lawsuit settlement

• ▪The U.S. Securities and Exchange Commission agreed to pay $150,000 in attorney fees to History Associates Incorporated to resolve the lawsuit.
• ▪Coinbase Global Inc. settled a Freedom of Information Act lawsuit against the U.S. Securities and Exchange Commission on July 22, 2026.
• ▪The U.S. Securities and Exchange Commission agreed to release two withheld documents and conduct a review of its text message preservation practices

Lost Gensler-era records

• ▪The U.S. Securities and Exchange Commission lost nearly a year of text messages belonging to former Chairman Gary Gensler from October 2022 to September 2023.
• ▪The wiped text messages of Gary Gensler covered the period of the FTX collapse and the agency's enforcement push against cryptocurrency exchanges.
• ▪An inspector general review found that an automated policy triggered an enterprise wipe of Gary Gensler's device, resulting in the loss of text messages from October 2022 to September 2023.

Coinbase transparency dispute

• ▪Coinbase Global Inc. said it sought documents that would show a concerted effort by U.S. regulators to cut off crypto companies from banking access.
• ▪Coinbase Global Inc. reached a separate Freedom of Information Act settlement with the Federal Deposit Insurance Corporation in February 2026
• ▪Coinbase Global Inc. filed lawsuits in 2024 against the U.S. Securities and Exchange Commission and the Federal Deposit Insurance Corporation over unfulfilled records requests