A recent court filing indicates that the agency will pay a fixed amount to conclude a prolonged dispute regarding former Chair Gary Gensler's knowledge about Ethereum.
By Olivier Acuna|Edited by Jamie Crawley Jul 23, 2026, 3:36 p.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Brian Armstrong, CEO of Coinbase, stated that the SEC's settlement is a significant victory for the crypto industry. (Jesse Hamilton/CoinDesk)SummaryShow- The SEC has consented to pay $150,000 and provide remaining documents to resolve a FOIA lawsuit pertaining to its Ethereum investigations.
- History Associates Inc., representing Coinbase, initiated legal action in June 2024 after the SEC did not adequately respond to requests for records regarding Ethereum's transition to a proof-of-stake system and previous crypto enforcement actions.
- This case led to the SEC disclosing thousands of documents and revealed that texts and data from the phones of key officials, including Gary Gensler, had been deleted; the case will be dismissed once all records are produced.
The U.S. Securities and Exchange Commission (SEC) has agreed to disburse $150,000 to settle a Freedom of Information Act (FOIA) lawsuit concerning its inquiries into Ethereum, as noted in a joint status update submitted on July 22.
Both History Associates Inc. and the SEC have requested that the U.S. District Court for the District of Columbia dismiss the case following their settlement. The agreement entails the agency releasing the remaining relevant documents and compensating the plaintiff for legal expenses.
History Associates, a firm specializing in historical research and archival services for government entities, filed the lawsuit in June 2024. Acting on behalf of Coinbase, History Associates had made three public records requests the previous year, seeking information on SEC investigations involving Zachary Coburn and Enigma MPC, as well as documents regarding Ethereum's shift to a proof-of-stake mechanism.
The lawsuit compelled the SEC to release thousands of records, with the court specifically instructing the agency to prioritize documents and communications involving then-SEC Chair Gary Gensler related to Ethereum's transition from a proof-of-work to a proof-of-stake network.
Progress on document production was halted in September 2025 when the SEC's Inspector General reported the accidental deletion of Gary Gensler's text messages from October 2022 to September 2023. Subsequent updates indicated that the agency had wiped 21 phones belonging to high-ranking officials, five of which were those of individuals involved in the Coinbase lawsuit. The SEC notified the National Archives of the deleted devices in July 2025.
Brian Armstrong, CEO of Coinbase, linked the ruling to an FDIC case regarding concealed evidence during the banking crisis of 2023.
“The Gensler SEC deleted texts during the peak of the anti-crypto campaign, while the FDIC concealed evidence - all of this came to light as we fought for transparency,” he stated in a post on X. “This victory is not just for us, but for all Americans and businesses expecting accountability and transparency from the government.”
The conclusion of this case marks the end of over two years of legal battles concerning the document requests. The case will be officially dismissed once the SEC has completed the production of the remaining documents.
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Crypto Flows, Share and the Selective Rotation
Crypto Flows, Share and the Selective Rotation
Markets have shifted since June, with Binance maintaining a share of approximately 55% of user funds and around 24% of spot trading, while the overall tracked market experienced outflows.
By CoinDesk ResearchJul 22, 2026Markets have shifted since June, with Binance maintaining a share of approximately 55% of user funds and around 24% of spot trading, while the overall tracked market experienced outflows.
Why it matters:
Markets have shifted since June, with Binance maintaining a share of approximately 55% of user funds and around 24% of spot trading, while the overall tracked market experienced outflows.
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