Coinbase has released more than 10,000 hidden pages revealing secret government actions regarding cryptographic regulations.
The document contains private emails, internal memos, and evidence of gaps in cryptographic regulations.
The SEC once admitted confusion over the cryptographic rules.
Coinbase has just dropped a bomb and has released documents of over 10,000 hidden pages from US regulators. These files reveal what is happening behind closed doors.
From private emails to internal memos, this is more than just paperwork. This is unusual for the SEC, FDIC and other institutions to deal with Crypto, and in many cases they have dealt with it without talking to the public.
And now, does the crypto world see what’s in these files? Why were they hidden? So let’s look into it in detail
What does the document reveal?
Coinbase Chief Legal Officer Paul Grewal shared that documents were collected through Freedom of Information Act (FOIA) requests made to key regulators such as the SEC and FDIC.
Today, @CoinBase is beginning to share all documents received in an ongoing FOIA campaign, including more than 10,000 previously published documents. Government transparency should not be a privilege. Among the early discoveries is 1/3
– Paulgrewal.eth (@iampaulgrewal) May 7, 2025
Grewal also pointed out that the document contains internal emails and legal notes, many of which have never been published before.
Meanwhile, 2019 emails from the SEC may even acknowledge the “regulatory gap” around the code. Another 2023 message shows that the New York Attorney General asked the SEC to call Ethereum security in the case against Kucoin, but the SEC was not followed.
Another email indicates that the SEC staff were unable to open the video file submitted by Coinbase due to an issue.
From pushback to lawsuit
Coinbase couldn’t easily receive all this information. According to the company, many FOIA requests were met with delays, denials and severe compilation. At that time, Coinbase brought in History Associates Inc., a third-party FOIA expert, and took legal action to enforce compliance.
Paul Grewal noted that the effort wasn’t just one company or crypto investors. It’s about the rights of all Americans that we know what the government is doing.
Why is it important?
As the crypto space grows, so does the need for clear rules. So Coinbase’s message is clear and people want the rules rather than the confusion.
And Coinbase is making sure these conversations should be raised in front of millions of crypto holders.
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