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Coinbase released 10,000+ hidden pages exposing secret government actions on crypto regulations.
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Documents include private emails, internal memos, and evidence of a crypto regulatory gap.
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SEC once admitted confusion about crypto rules, something they publicly denied for years.
Coinbase has just dropped a bombshell, releasing over 10,000 hidden pages of documents from U.S. regulators. These files reveal what’s been going on behind closed doors.
From private emails to internal memos, this isn’t just paperwork—it’s a rare peek into how the SEC, FDIC, and other agencies have been dealing with crypto, often without telling the public.
And now, the crypto world will see what’s inside these files? Why were they hidden? So, let’s find out in detail
What the Documents Reveal?
Coinbase’s Chief Legal Officer, Paul Grewal, shared that the documents were gathered through Freedom of Information Act (FOIA) requests made to key regulators like the SEC and FDIC.
Today @coinbase is launching sharing all the docs we’ve received in our ongoing FOIA campaigns with various government regulators – including 10,000+ pages of previously unpublished docs. Government transparency shouldn’t be a privilege. Among the early finds are: 1/3
— paulgrewal.eth (@iampaulgrewal) May 7, 2025
Grewal also pointed out that the documents include internal emails and legal memos, many of which had never been made public before.
Meanwhile, one 2019 email from the SEC even admits to a “regulatory gap” around crypto, something the agency has often denied in public. Another 2023 message shows that the New York Attorney General asked the SEC to call Ethereum a security in a case against KuCoin, but the SEC didn’t follow through.
Another email even shows how SEC staff couldn’t open a video file submitted by Coinbase due to IT issues, hinting at deeper flaws in how crypto issues are even processed internally.
From Pushback to Lawsuits
Coinbase didn’t receive all this information easily. According to the company, many FOIA requests were met with delays, denials, and heavy redactions. That’s when Coinbase brought in a third-party FOIA expert, History Associates Inc., and even took legal action to force compliance.
Paul Grewal noted that this effort isn’t just about one company or crypto investors; it’s about the right of every American to know what the government is doing.
Why It Matters
As the crypto space grows, so does the need for clear rules. Thus, the Coinbase message is clear, people want rules, not confusion.
And Coinbase is making sure those conversations should be brought up in front of millions of crypto holders, one where transparency leads the way.
