SEC will pay Coinbase $150,000 and release records, marking another shift in US cryptocurrency regulation under President Trump.
The US Securities and Exchange Commission has agreed to pay Coinbase $150,000 in legal fees. Meanwhile, the settlement resolves a longstanding controversy regarding records related to the Biden administration’s crackdown on cryptocurrencies.
SEC and Coinbase End Two-Year Legal Battle Over Crypto Records
Coinbase filed the lawsuit in 2024 under the Freedom of Information Act. The company requested internal documents from the SEC and the Federal Deposit Insurance Corporation on digital asset policies. The company requested internal documents from the SEC and the Federal Deposit Insurance Corporation on digital asset policies.
The SEC deleted a full year of Gary Gensler's communications at the peak of his campaign against crypto.
The FDIC tried to secretly cut off an entire lawful industry from the banking system and buried the evidence.
The US government doesn't get to operate like this. Unless the… pic.twitter.com/jpOTjUVcAa
— Paul Grewal (@iampaulgrewal) July 22, 2026
In particular, Coinbase requested documentation that would outline how regulators have treated cryptocurrencies, such as Ether. Furthermore, the company asked for communications with former SEC Chair Gary Gensler in the agency’s enforcement campaign.
Read more: SEC Closes Zcash Investigation Without Taking Action – Ledger Tribune
The SEC lost many text messages from top officials, court filings revealed. The messages were deleted automatically during the time the regulator stepped up its crypto enforcement efforts, according to Coinbase.
Under the terms of the agreement, the SEC will make 2 documents previously withheld available. The agency will also examine its ability to retain text messages on backed-up government devices.
The settlement was filed on Wednesday in federal court in Washington. The agreement thus ends an almost 2-year legal battle.
In addition, the case garnered a lot of attention in the cryptocurrency sector. The lawsuit was seen by many companies as an important step towards transparency in the federal crypto policy-making process.
Coinbase has consistently stated that there must be better regulations for digital assets. So the company has kept on defying regulatory measures in court and by public protest.
Is the SEC Changing Its Approach Toward the Cryptocurrency Industry?
The settlement is also another indication of the evolving crypto policies in Washington. The SEC has been more accommodating towards digital assets since the election of President Donald Trump.
The SEC had previously agreed to drop its significant enforcement action against Coinbase earlier this year in 2025. Earlier, the regulator had charged the exchange with running an unregistered securities exchange in the U.S.
The agency has meanwhile begun to work on new cryptocurrency regulations. This has led to a greater need for certainty for industry and investors in future policies.
The Federal Deposit Insurance Corp. also signed a separate deal with Coinbase. As part of that agreement, the FDIC will pay over $188,000 in legal fees stemming from the crypto pause letters.
These changes are part of a larger trend in the regulatory environment in the United States. As a result, several cryptocurrency companies are keeping an eye out for more policy changes in the near future.
The SEC’s deal with Coinbase may have implications for future conflicts over transparency and digital assets. In the meantime, the cryptocurrency sector keeps a close eye on the regulatory environment and its ability to strike a balance between oversight and innovation in traditional financial systems.
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