The ongoing legal battle between Coinbase and the U.S. Securities and Exchange Commission (SEC) has escalated, with Coinbase now seeking judicial intervention to compel the SEC to release crucial documents. Chief Legal Officer Paul Grewal, representing the crypto exchange, contends that the SEC’s refusal to provide these records is obstructing the case’s progress.
Coinbase specifically claims that the SEC has withheld key materials, including emails from SEC Chair Gary Gensler and other relevant communications. These documents, Coinbase argues, are vital for understanding how the SEC is applying securities laws to digital assets, a central issue in the dispute.
The exchange has also accused the SEC of inconsistency in its regulatory approach, alleging that the agency failed to seek out specific custodians who might possess valuable information related to the case.
In response, the SEC has criticized Coinbase’s discovery requests as overly broad and irrelevant to the current litigation. The agency has labeled the exchange’s demands as a “fishing expedition,” asserting that the sought-after documents do not meet legal relevancy standards.
While the SEC maintains that some of the requested documents are not pertinent to the case, questions have been raised about its refusal to review Gensler’s personal emails, which Coinbase insists could be critical to their defense.
Additionally, Coinbase has expressed strong objections to a recent SEC proposal aimed at redefining the term “exchange” to include decentralized exchange platforms (DEXs). Grewal has criticized this move, arguing that it lacks the necessary analysis and assessment of its potential impact on the cryptocurrency market.
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