Coinbase Published 10,000+ Documents Revealing New Insights into the SEC's Internal Discussions Around ETH and XRP

Coinbase published more than 10,000 documents obtained through Freedom of Information Act (FOIA) requests, revealing new insights into the U.S. Securities and Exchange Commission's internal discussions around major cryptocurrencies — particularly Ethereum (ETH) and Ripple's XRP.

Coinbase has published more than 10,000 documents obtained through Freedom of Information Act (FOIA) requests, revealing new insights into the U.S. Securities and Exchange Commission’s internal discussions around major cryptocurrencies — particularly Ethereum (ETH) and Ripple’s XRP.

The FOIA disclosures, part of a broader effort by Coinbase to increase transparency in crypto regulation, shed light on behind-the-scenes regulatory pressures and inter-agency coordination.

Among the most notable revelations is a June 2023 email from Shamiso Maswoswe, head of the Investor Protection Bureau at the New York Attorney General’s Office (NYAG), asking the SEC to submit an amicus brief supporting the argument that Ether is a security.

“We would like to request that the SEC file an amicus in support of the argument that Ether is a security,” Maswoswe wrote. “I think it would be beneficial to investor protection to get a court to hold that Ether is a security.”

The request stemmed from the NYAG’s lawsuit against KuCoin, which controversially claimed Ether was an unregistered security.

The documents also contain a 2021 internal SEC email reflecting uncertainty about XRP’s classification, in which staff considered the implications if Ripple Labs were to suddenly disappear, asking:

“What risks to the XRP blockchain would or might materialize if Ripple ‘walked away’ or ‘disappeared’?”

This line of questioning reflects how the SEC weighed the dependency of a token’s ecosystem on its issuer, a central theme in its ongoing legal battles with Ripple.

These documents come amid growing pressure on regulators to provide clear rules for digital assets. Former SEC Chair Gary Gensler’s administration was largely focused on enforcement over clear-cut rules, a strategy that led to several high-profile lawsuits against major crypto firms.

Gensler’s administration also repeatedly dodged questions about the classification of Ethereum, despite the fact that the agency launched an investigation into 2.0-related activity.

However, the SEC appears to be pulling back on some of these aggressive moves under new leadership. The agency has dropped cases against key industry players and faced criticism from both inside and outside government for regulatory overreach and lack of clarity.