The U.S. Securities and Exchange Commission (SEC) will pay $150,000 in legal fees to settle a 2024 lawsuit filed by Coinbase Global Inc.
Coinbase filed the Freedom of Information Act (FOIA) suit to obtain internal documents regarding the regulator's crypto industry crackdown.
The SEC must provide previously withheld documents and overhaul its internal record-keeping practices as part of the agreement.
The litigation revealed the SEC lost text messages from former Chair Gary Gensler and other senior officials due to an automatic data wipe.
This settlement concludes Coinbase's legal effort to increase transparency within federal regulatory agencies.