Svmuu News: The U.S. Securities and Exchange Commission (SEC) has agreed to pay $150,000 to settle a Freedom of Information Act (FOIA) lawsuit regarding its investigation records related to “Ethereum.”According to a joint status report filed on July 22, the SEC and the plaintiff, History Associates Inc., have reached a settlement and have requested that the U.S. District Court for the District of Columbia dismiss the case.
Under the agreement, the SEC will continue to provide the remaining relevant documents and pay a lump sum to cover the plaintiff’s legal fees.The lawsuit was filed by History Associates in June 2024. The firm, commissioned by Coinbase, sought to compel the SEC to disclose materials related to its regulatory investigation of Ethereum, including investigation files regarding Zachary Coburn and Enigma MPC, as well as records of regulatory discussions concerning Ethereum’s transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS).
Previously, this lawsuit prompted the SEC to produce thousands of documents. The court also ordered the SEC to prioritize the release of communications sent, received, or reviewed by then-Chairman Gary Gensler regarding Ethereum’s transition from PoW to PoS.
During the proceedings, the SEC faced controversy for deleting portions of Gensler’s text message records.The SEC’s Office of the Inspector General previously disclosed that the agency had inadvertently deleted Gensler’s text message records from October 2022 to September 2023; subsequent documents revealed that the SEC had also wiped data from the cell phones of 21 senior officials.
CoinbaseCEO Brian Armstrong stated that the incident highlights transparency issues within government agencies regarding crypto regulation, adding that the lawsuit aims to promote public access to the basis for regulatory decisions. With the SEC having completed the submission of the remaining documents, the lawsuit—which has lasted more than two years—will officially conclude. (CoinDesk)