In 2024, the crypto exchange filed lawsuits against the SEC and the FDIC over violations of the Freedom of Information Act. Through the consulting firm History Associates, Coinbase accused the regulators of trying to cut the crypto industry off from the banking sector. Under the court settlement, the SEC will pay History Associates $150,000 to cover legal fees. They also agreed to release two documents that had previously been withheld. In addition, the SEC will conduct a review of its records and text-message retention practices. After former SEC Chair Gary Gensler left the agency, the crypto industry received some regulatory relief. However, SEC Commissioner Hester Peirce, nicknamed “Crypto Mom,” said that blockchain-based loans may have characteristics of bonds. Accordingly, they could be securities. At the same time, on-chain storage solutions may also fall under these criteria.