Coinbase has won a Freedom of Information Act lawsuit against the U.S. Securities and Exchange Commission, resulting in a 150,000 dollar settlement and required changes to the regulator’s record-retention practices. The SEC acknowledged that numerous text messages between former Chair Gary Gensler and other officials were lost due to an automated system. This discovery contrasts with the SEC’s previous enforcement actions against financial firms for similar record-keeping failures. The settlement follows another Coinbase victory against the Federal Deposit Insurance Corporation, which released documents showing that the FDIC instructed nearly two dozen banks to pause cryptocurrency-related activities, a campaign critics called Operation Choke Point 2.0.
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