The dispute stemmed from Coinbase's Freedom of Information Act request seeking communications from former SEC Chair Gary Gensler, a leading figure in the agency's aggressive enforcement stance toward crypto. The SEC ultimately acknowledged it had destroyed Gensler's text messages, prompting Coinbase to pursue legal action over the missing records. Under the settlement, the SEC will pay Coinbase $150,000 and implement reforms to its record-retention policies to prevent similar losses in the future. The outcome marks a notable win for Coinbase, which has repeatedly clashed with the regulator over transparency and enforcement practices. The case highlights ongoing tensions between the crypto industry and federal regulators, as well as broader questions about how government agencies preserve official communications. The agreement resolves the litigation without further court proceedings.
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