The SEC settles with Coinbase over its missing Gary Gensler texts
COINDESK ·
The document fight stalled in September 2025 as the SEC’s Inspector General reported that the agency accidentally deleted Gary Gensler’s text messages from October 2022 to September 2023. Later court updates showed the agency wiped 21 phones belonging to top officials, of which five belonged to the same staff members targeted in the Coinbase case. The SEC told the National Archives about the deleted phones in July 2025. Brian Armstrong, Coinbase CEO tied the ruling it to an FDIC case around buried evidence during the 2023 banking crisis. “The Gensler SEC deleted texts at the height of the anti-crypto campaign, FDIC buried evidence - it was all uncovered after we fought to expose the truth,” he wrote in a post on X . “This is not only for us, but for every American and every American company expecting transparency and accountability from the government.” The dismissal brings to a close more than two years of litigation over the document requests. Once the SEC completes production of the remaining records, the case will be formally dismissed.
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