Coinbase’s Hilarious Hunt for SEC’s Secret Spending Spree! 💰😂

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Oh, gather ’round, dear readers, for a tale of intrigue and a sprinkle of absurdity! Coinbase, the grandest of all US cryptocurrency exchanges, has decided it’s high time to play detective! They’ve sent a cheeky little note to the US SEC, demanding to know just how many shiny dollars the agency has splurged on chasing after crypto mischief-makers over the last four years. Can you imagine? 💸

Now, picture this: in the early days of President Trump’s second term, a rather peculiar department was born—the Department of Government Efficiency, or DOGE (yes, you heard that right!). This department, led by none other than the tech wizard and Twitter aficionado, Elon Musk, has been on a wild goose chase, uncovering all sorts of government shenanigans. Inspired by Trump’s penny-pinching antics, Coinbase thought, “Why not join the fun?” and filed a request with the SEC to unveil the treasure trove of taxpayer dollars spent on crypto enforcement. What a hoot! 🦙

Coinbase’s Request: A Doge-tastic Adventure!

With Musk’s DOGE making waves, the crypto world is buzzing! After the SEC decided to drop its latest case against Coinbase, you’d think they’d kick back and relax. But no! Coinbase is on a mission, demanding the SEC spill the beans on every single cent and resource it has thrown at the crypto industry. Talk about a nosy neighbor! 🕵️‍♂️

They’ve even gone so far as to file a Freedom of Information Act (FOIA) request, hoping to snag the SEC’s financial secrets regarding their crypto crusades. How delightfully sneaky! 🥳

The Nitty-Gritty of the Request

Now, let’s dive into the juicy details of Coinbase’s request, which is as thorough as a detective novel:

  1. How many investigations did the SEC launch against crypto firms? (A whole lot, I bet!)
  2. How many employees were involved in this grand enforcement escapade?
  3. What about those mysterious third-party contractors? Were they in on the action too?
  4. And, of course, the grand total of all the shiny coins spent on these escapades!
  5. Paul Grewal, Coinbase’s very own social media maestro, took to the platform X (formerly known as Twitter) to share his thoughts on this wild ride.

In a rather amusing thread, Grewal quipped:

“We know the previous @SECgov’s regulation-by-enforcement approach cost Americans innovation, global leadership, and jobs, but how much did it cost in taxpayer dollars? Today @Coinbase submitted a FOIA request asking the SEC to explain how much its war on crypto cost taxpayers…”

— paulgrewal.eth (@iampaulgrewal) March 3, 2025

He continued with a twinkle in his eye:

“What do we hope to find out? How many investigations and enforcement actions were brought – and how much they cost; how many employees worked on these investigations/enforcement actions – and how much they cost; how many third-party contractors were used in these investigations/enforcement actions – and how much they cost.”

And just when you thought it couldn’t get any better, he added:

“We also want to know more about the previous SEC’s infamous ‘Crypto Assets and Cyber Unit’ within the Enforcement Division – what was their budget, how many employees worked on it, how much did those employee hours cost?”

In a grand finale, he declared:

“We’ll never stop fighting for government transparency on behalf of our customers and this industry. It may take time to get the full picture, but I think we’ve shown that we will do what it takes for as long as it takes. You can read our FOIA request here.”

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2025-03-06 07:10