The SEC has reached a settlement in a lawsuit with a certain exchange during Gensler's tenure.

Odaily reported that the US SEC reached a settlement with a certain exchange on Wednesday, ending years of legal disputes over the handling of records requests during the Gensler era.

According to court documents, the SEC agreed to pay $150,000 in legal fees to History Associates and to release two previously withheld documents. In addition, the SEC will review its record management system and methods for preserving communications such as text messages.

The case originated in 2024 when the exchange, with the assistance of consulting firm History Associates, sued both the SEC and the FDIC, alleging that the two regulatory agencies failed to comply with Freedom of Information Act (FOIA) requests. The exchange stated that these record requests were related to whether regulators were attempting to cut off the crypto industry’s access to the banking system.

The exchange's Chief Legal Officer Paul Grewal wrote in a Wall Street Journal column that former SEC Chair Gary Gensler had launched a "litigation campaign" against the crypto industry. During Gensler’s tenure, the SEC sued the exchange as well as several crypto companies, alleging violations of federal securities registration requirements.

Grewal stated that this settlement carries long-term significance, as the FDIC and SEC are in the process of rewriting disclosure and record-keeping practices, which could enhance regulatory transparency and limit future expansion of regulatory powers behind closed doors.