Coinbase Seeks SEC Spending Details as Trump Pushes Crypto Reserve

• Coinbase’s FOIA request aims to expose SEC spending on crypto enforcement, pushing for more transparency under new leadership.
• Trump’s crypto reserve plan sparks debate, with Coinbase’s Brian Armstrong advocating for Bitcoin as the best foundation.
• Regulatory clarity and institutional adoption will shape the U.S. crypto landscape as Coinbase and Trump push for industry reforms.

According to Eleanor Terrett on X, Coinbase has increased transparency in regulatory actions against the crypto industry. The company filed a Freedom of Information Act (FOIA) request to determine how much the Securities and Exchange Commission (SEC) spent on non-fraud investigations under former chairman Gary Gensler. 

Information about all enforcement actions, investigations, and budgetary allotments pertaining to digital assets, staking, lending, and secondary market transactions between April 17, 2021, and January 20, 2025, is sought in this request. It also asks information on SEC workers and contractors, such as their pay, working hours, and the SEC’s Crypto Assets and Cyber Unit budget.

Coinbase’s Transparency Push

The goal of the request, according to Coinbase’s Chief Legal Officer Paul Grewal, is to make the SEC answerable to American taxpayers. “I’m hopeful that the new SEC leadership will promote more transparency,” he said. Regarding enforcement tactics and regulatory clarity, 

The SEC has previously faced criticism for its aggressive stance on digital assets. Consequently, Coinbase’s FOIA request signals a push for more open regulatory processes. Moreover, this initiative could impact future policies on crypto enforcement and oversight.

Trump’s National Crypto Reserve Initiative

Meanwhile, a national cryptocurrency reserve consisting of Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA) was announced by former President Donald Trump. The goal of this project is to solidify America’s position as a global leader in the cryptocurrency industry. But according to Coinbase CEO Brian Armstrong, the reserve should be built on Bitcoin alone. He contends that Bitcoin is the best option because of its simplicity and resemblance to gold.

Armstrong considered an alternative approach. He suggested a balanced neutral asset distribution through a market capitalization index among cryptocurrencies rather than equity-based considerations. Nonetheless, he asserted the view that Bitcoin is still the simplest and best option.

Trump’s move was also hailed by investor David Sacks, who saw it as a critical step toward establishing the United States as the world’s crypto capital. The idea also takes into account the increased interest in digital asset strategies supported by the government.