In a major legal move, Coinbase has filed a lawsuit in a New York court to force the U.S. Securities and Exchange Commission (SEC) and its Chairman Gary Gensler to hand over documents related to internal discussions. These documents are seen as crucial to the ongoing litigation between the crypto exchange and the regulator.
Coinbase Files Petition to Force SEC and Chairman Gensler to Turn Over Key Documents
The petition, filed Tuesday, requests that the court order Gensler and the SEC to turn over documents it believes are crucial to Coinbase's defense.
The crypto exchange argues that these documents relate to communications made by the SEC's commissioners and staff with crypto market stakeholders, including Coinbase, over the years.
Coinbase argues that these documents are vital to its fair reporting defense against the SEC's claims.
The legal battle between the SEC and Coinbase began last year, when the SEC sued Coinbase for operating its platform without proper registration.
Coinbase later sought to dismiss the lawsuit, but U.S. District Judge Katherine Polk Failla denied the request. The case is currently in the discovery phase.
Coinbase's request seeks to obtain documents related to the tokens mentioned in the SEC's complaint, the SEC's April 2021 negotiations regarding Coinbase's public company status, and statements Gensler made during his tenure at the SEC.
“We have the right to defend ourselves, and if they are talking to these token issuers about the law, the legal status of their projects, or the scope or reach of federal securities laws that apply to blockchain networks, we have the right to do so, and that's what we're looking for,” Paul Grewal, Coinbase's chief legal officer, said in an interview. ” said.
Grewal emphasized the importance of understanding whether there are conflicting statements made by the SEC regarding the application of federal securities laws to cryptocurrencies.
In June, Coinbase served Gensler with a subpoena requesting documents regarding crypto-related communications from 2017. But last week, Coinbase narrowed the subpoena to focus only on Gensler's emails and communications from his time as SEC chairman.
*This is not investment advice.
