Coinbase has objected to the SEC’s $2.6 billion budget request for the 2025 fiscal year. In a statement to CryptoSlate on June 13, a Coinbase representative criticized the SEC for seeking additional funds for enforcement rather than using its existing budget to create clear cryptocurrency regulations.

The SEC's budget request includes $812.4 million for enforcement, up from $675.6 million in 2024. SEC Chair Gary Gensler stated that this increase would add 27 full-time positions to the Division of Enforcement, enabling the SEC to investigate misconduct more extensively and handle more complex lawsuits.

Coinbase has consistently urged the SEC to focus less on enforcement and more on developing clear regulations, including through rulemaking petitions and legal actions. On May 31, Coinbase stated that the SEC's inconsistent stance has created confusion rather than regulatory clarity.

The American Securities Association (ASA), an independent trade association, also called for a lower SEC budget. In a June 13 letter, the ASA urged the Senate Appropriations Committee to significantly reduce the SEC’s funding compared to the President's budget request. The ASA suggested a $2 billion cap for the SEC's 2025 budget, with $644 million allocated to the Enforcement Division.

The ASA also called for increased accountability and focus on investor protection, market order, and capital formation. They requested restrictions on certain SEC data collection, investigations into the SEC's operations, and mandatory reporting. The ASA criticized the SEC for acting beyond constitutional and legal constraints and urged Congress to investigate a mishandled SEC case involving the crypto firm DEBT Box.