The SEC settles with Coinbase over its missing Gary Gensler texts
The SEC has reached a settlement with Coinbase to conclude a lawsuit regarding the agency's failure to produce records, including deleted text messages from former Chair Gary Gensler. The agreement requires the SEC to provide remaining documents and cover legal fees, ending a two-year transparency battle.
Why it matters
This case highlights significant concerns regarding government transparency and data retention practices within federal regulatory agencies during high-profile crypto enforcement actions.
History Associates Inc. and the SEC asked the U.S. District Court for the District of Columbia to dismiss the case after reaching a settlement deal. Under the agreement, the agency will produce the remaining responsive documents and pay the flat fee to cover the plaintiff's legal fees.
History Associates, which provides professional historical research, writing and archival services to government agencies, filed the lawsuit in June 2024 . Working on behalf of Coinbase, the firm had submitted three public records requests the year before. Those filings sought documents on SEC investigations into Zachary Coburn and Enigma MPC, along with records on how Ethereum shifted to a proof-of-stake system.
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