# SEC Settles FOIA Lawsuit with Coinbase for $150,000 SEC to compensate Coinbase over lost text messages. - **Source:** [CryptoCurrency – Finance Magnates | Financial and business news](https://brifing.si/source/b5a2ce51-ec8e-4702-886b-778de5971605) - **Published:** 2026-07-22 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/d7797194-679d-403b-8301-620ebdde1357 ## SEC and Coinbase Reach Settlement The U.S. Securities and Exchange Commission (SEC) has agreed to pay $150,000 to settle a Freedom of Information Act (FOIA) lawsuit with Coinbase. This agreement ends a two-year dispute over records related to crypto enforcement under former Chair Gary Gensler. ## Lost Text Messages The SEC's inspector general found that messages from a critical period, including the aftermath of FTX's collapse, were lost due to an automated policy. Coinbase's Chief Legal Officer Paul Grewal stated the SEC acknowledged its mistakes and took steps to prevent recurrence. ## Similar Settlement with FDIC Coinbase had also sued the FDIC, which settled in February by paying over $188,000. Coinbase alleged the FDIC discouraged banks from engaging with crypto firms. ## Shift in SEC's Crypto Cases Under new leadership, the SEC dropped several crypto enforcement actions, including its case against Coinbase. It is also drafting rules to allow brokers to offer blockchain-based stocks. ## Developments in Crypto Industry The SEC-Coinbase settlement follows 2026 listings of firms like Circle, BitGo, and Bullish. Coinbase has now resolved one of its legal challenges against federal regulators over crypto policies from 2022-2024. ## Future of Regulatory Framework The settlements with the SEC and FDIC suggest regulatory uncertainties in crypto may ease. However, the industry still needs clear long-term regulations to thrive. ## Sources covering this story - https://www.financemagnates.com/cryptocurrency/exchange/sec-settles-foia-suit-with-coinbase-agency-pays-150000-over-lost-gensler-text-messages/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._