Regulation
Cardano Founder Breaks Silence On White House Crypto Role Speculations
Cardano founder Charles Hoskinson has dampened the enthusiasm of community members over speculation for a crypto-related appointment by the US government. He argues that the cryptoverse is in safe hands as key players brace for sweeping regulations and policy changes.
Cardano Founder Douses Speculation For Crypto Role By US Government
As the US crypto regulatory landscape braces for changes, insiders say Hoskinson is in the offing for a White House crypto role by community members. A meeting with an unnamed VIP in Florida has sent tongues wagging that the Cardano founder could be in the thick of things in shaping US crypto policy.
However, Hoskinson has refuted speculation that he could be appointed to a crypto role, adding that “meetings do not imply endorsement. Hoskinson’s X post confirmed that a crypto role in the White House is not within reach at the moment.
Hoskinson added that he will not be making any comments on the topic of a crypto appointment unless he obtains new relevant information. Citing the cross-agency collaboration for crypto regulations, the Cardano founder argues that the industry has proper representation from experts and enthusiasts.
“At this juncture, further comments and speculation are both counterproductive and unnecessary,” said Hoskinson.
The Cardano founder is in pole position to attend the inaugural White House Crypto Summit on Friday but details are still sparse.
Stepping Up To Defend XRP Following Inclusion In Strategic Reserve
Cardano’s community is still buzzing from President Trump’s decision to include ADA in the Crypto Strategic Reserve. Amid the hype, the Cardano founder has waded in to defend XRP’s inclusion in the Strategic Reserve in the face of criticisms.
Hoskinson argues that the underlying technology of XRP is “great” and points to its community resilience in the face of a lengthy regulatory witchhunt. His comments come on the heels of scathing criticisms by Peter Schiff with XRP’s community expressing gratitude to Hoskinson for stepping up.
“XRP is great technology, a global standard, survived a decade through many harsh cycles, and has one of the strongest communities,” said Hoskinson.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Coinbase has filed a FOIA request against the US Securities and Exchange Commission (SEC), riding on the highs of the dismissal of its case against the securities regulator. A glance at the document reveals that the US-based crypto exchange is seeking a raft of information on the SEC’s expenditure in its crypto war.
Coinbase Wants Full Disclosure Of SEC Spending In Its Enforcement Actions
US-based crypto exchange Coinbase is seeking information on the SEC’s spending in its war against major entities in the cryptoverse. Coinbase has filed a Freedom of Information Act (FOIA) request against the securities regulator to obtain information on the fiscal handling of its crypto lawsuits.
According to the document, the exchange is seeking information between April 2021 and January 2025 on the Commission’s spending. Coinbase’s request spans the total annual expenditures for digital asset investigations and enforcement actions against the industry.
Coinbase is also seeking information on the number of SEC full-time staff and details of their compensation packages. Furthermore, the FOIA request wants similar information on third-party contractors including their working hours and compensation packages.
Of particular concern is the Crypto Assets and Cyber Unit with Coinbase’s filing requesting the annual budget of the unit and compensation of its staff. Several cases initiated by the unit have been dismissed with the latest being Kraken’s case dismissal with prejudice.
“The previous SEC spent four years attacking a lawful industry, and American taxpayers were left holding the bill,” said Coinbase in a statement. “How much did you end up paying? We intend to find out.”
Several High-Level Crypto Lawsuits Will Drive The Bill Up
Following the filing of the FOIA request, the cryptoverse scans the horizon for the release of figures by the SEC. The SEC has nine possible defenses in the form of exceptions to the FOIA like internal personnel rules among others.
The release of the figures could run into millions of dollars, accentuated by a streak of high-profile crypto lawsuits. During the period under review, the SEC dragged Coinbase, Ripple Labs, Gemini, and Binance to court over alleged breaches of capital market rules.
The SEC case dismissal against Coinbase has triggered a wave of similar actions for affected entities. The dismissals are in sharp contrast to the heightened enforcement actions by the Gary Gensler-led agency.
SEC Commissioner Hester Pierce has criticized regulation by enforcement previously deployed by the SEC while hailing its new forward-thinking approach.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In another major development for the crypto industry, the US Securities and Exchange Commission (SEC) has agreed to drop the Kraken lawsuit with prejudice. This comes just days after the Commission dropped the Coinbase lawsuit with prejudice.
US SEC Agrees To Drop Kraken Lawsuit With Prejudice
The US SEC has agreed in principle to dismiss the Kraken lawsuit with prejudice, meaning that the Commission won’t be able to refile the case again. The crypto exchange made this revelation in a press release, noting that the SEC will dismiss this case with no admission of wrongdoing, no penalties paid, and no changes to its business.
The top crypto exchange stated that the SEC’s decision to drop the lawsuit is more than just a legal victory but also a turning point for the future of crypto in the US. The company added that the dismissal of the Kraken lawsuit also ends a wasteful, politically motivated campaign, lifts uncertainty that stifled innovation and investment, and clears the path towards a stable, forward-thinking regulatory regime.
The exchange also appreciated the new leadership at the White House and the Commission, which led to this change. Kraken claimed that their “bold and thoughtful” leadership will lead to a new era of crypto innovation.
This latest development continues the SEC’s hot streak of dropping crypto lawsuits and investigations. Last week, the Commission notably dropped cases against Gemini, Consensys, Robinhood, and Uniswap. The court also ordered that the Coinbase lawsuit was dismissed with prejudice following an agreement between the agency and the crypto exchange.
Coinbase Files FOIA Request Against SEC
Amid the SEC’s agreement to dismiss the Kraken lawsuit, Coinbase has submitted an FOIA request asking the Commission to explain how much its war on crypto costs taxpayers. The exchange’s Chief Legal Officer (CLO) Paul Grewal said they hope to find out how many investigations and enforcement actions were brought and how much they cost.
He remarked that they intend to use the FOIA request to discover how many employees worked on these investigations and enforcement actions and how much the Commission paid them. The request also seeks to determine how many third-party contractors the SEC used in these investigations and enforcement actions and how much it paid them.
Grewal mentioned that his firm also wants to know more about the previous SEC’s infamous “Crypto Assets and Cyber Unit” within the Enforcement Division, including its budget, the number of employees working in the unit, and the cost per hour.
The Coinbase CLO assured that they will never stop fighting for government transparency on behalf of their customers and the industry. He admitted that it may take time to get the full picture but assured that they will do what it takes for as long as it takes.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
- Coinbase goes after SEC for details on cost of war on crypto.
- The exchange has filed a FOIA request asking for SEC’s documents during the leadership of former SEC chair Gary Gensler.
Coinbase has filed for a Freedom of Information Act (FOIA) request that seeks a detailed breakdown of what the US Securities and Exchange Commission (SEC) spend on its “war on crypto.”
Specifically, the crypto exchange’s FOIA wants it made public just how much the SEC splashed as part of its regulation by enforcement approach to crypto between April 2021 and January 2025.
Coinbase outlines what it seeks in a filing on Monday, March 3, 2025.
What else is Coinbase seeking via this FOIA request?
The exchange wants to know how much the SEC spent on investigations, lawsuits and enforcement unit employees. Per the request, the regulator should provide the costs involved as it pursued digital asset related cases, secondary transactions, and staking and lending providers.
“We know the previous SEC’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,” Coinbase chief legal officer Paul Grewal noted.
He added:
“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,” the Coinbase CLO added in a post on X.
The request comes amid a recent spree of announcements regarding the SEC’s dropping of several crypto cases and investigations. It includes the regulator’s lawsuit against Coinbase and the crypto exchange Gemini.
SEC, under a new leadership following Gary Genser’s exit in January 2025, has also closed investigations against Opensea, Robinhood, Uniswap and MetaMask.
According to Grewal, the FOIA request is down to the need for transparency, with American taxpayers having the right to know. Coinbase believes the current SEC leadership will provide the information.
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