Coinbase has taken a new step in its legal battle with the United States Securities and Exchange Commission (SEC), filing a motion to require the release of private emails from SEC Chair Gary Gensler.
Coinbase had initially requested access to Gensler’s private communications from both before and during his tenure as SEC Chair; however, this request faced opposition from the SEC and the presiding judge, Katherine Polk Failla, prompting the company to adjust its approach.
On July 23, Coinbase filed a new motion requesting only emails and documents from Gensler’s time as SEC Chair, starting in 2021.
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The new filing clarifies that Coinbase seeks documents and communications related to Gensler’s comments on the regulatory framework for digital assets and exchanges, arguing they are essential to defend against allegations of facilitating illegal trading of unregistered securities.
The motion also argues that the SEC’s resistance to Coinbase’s document requests, citing relevance, burden, and privilege to limit searches to its Enforcement Division’s investigative files, is unfounded.
Additionally, Coinbase seeks information on discussions SEC staff had with other market participants and documents related to its 2021 public offering. The motion highlights that during the six-month SEC review of Coinbase’s public offering, the SEC did not indicate that Coinbase was operating as an unregistered exchange or that any of the tokens listed on its platform were considered securities.
The SEC’s lawsuit against Coinbase, initiated in June 2023, accuses the company of violating federal securities laws by listing 13 tokens identified as securities and operating as an unregistered securities broker since 2019.
This latest motion underscores Coinbase’s determination to obtain information it believes is vital for its defense, which could influence the outcome of its legal battle with the SEC.
In other news, the SEC has recently decided to drop its investigation into Paxos, the issuer of BUSD, without any enforcement action.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
