Coinbase requires SEC to provide documents in lawsuit against exchange
Date: 2024-07-25 Author: Oliver Abernathy Categories: BUSINESS
Crypto exchange Coinbase has filed a new petition with the court demanding that the US Securities and Exchange Commission (SEC) provide documents regarding the lawsuit that the regulator filed against the company. The request included, among other things, personal communications from SEC Chairman Gary Gensler dating back to 2021, according to a statement from Coinbase General Counsel Paul Grewal. This is the company's second attempt to obtain the necessary materials; the first was rejected by the court.
SEC refusal to provide documents
In response to the request, the SEC argues that compliance with this requirement is burdensome and that the documents sought are not directly relevant to the case. The commission said that providing Gensler's correspondence may be unnecessary because the material does not address the substance of the claim.
According to Paul Grewal, the documents are necessary to develop a company's defense strategy. Grewal also criticized the SEC for refusing to engage in constructive dialogue and provide documents that, according to Coinbase, would help better understand the regulator's position regarding the cryptocurrency market.
Previously denied requests and denial of testimony
This motion was a response to previously denied requests. Previously, when Coinbase requested that Gary Gensler be called to testify, the court also rejected that request. The judge hearing the case criticized the company for attempting to summon the SEC chairman, which she said was inappropriate and distracting.
The SEC filed a lawsuit against Coinbase in June 2023, accusing the exchange of violating securities laws. The process has become one of the most significant in the field of cryptocurrency regulation in the United States and highlights the growing tensions between cryptocurrency companies and financial regulators.
The SEC's lawsuit against Coinbase highlights the complexities of cryptocurrency regulation and the interaction between businesses and regulators. Coinbase's request for Gary Gensler's private communications and other documents remain important to understanding both sides' positions and could have a significant impact on the outcome of the case.
