The US Securities and Exchange Commission (SEC) is resisting Coinbase’s demand for documents, including private emails from Chair Gary Gensler.
On August 5, the SEC filed a memorandum opposing Coinbase’s request, arguing that it was too broad and irrelevant. “It is the Court’s analysis of the facts and the law, not the SEC’s internal discussions or discussions with market participants that will decide this case,” the filing states.
The SEC emphasized that it has already provided over 240,000 documents and is reviewing 117,000 more for relevant information. The regulator added that producing an additional three million documents would be “disproportional to the needs of the case.”
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In July, Coinbase requested access to private communications of SEC Chair Gary Gensler from his tenure starting in 2021, along with other documents related to his comments on applying securities laws to digital assets and exchanges.
Coinbase’s chief legal officer, Paul Grewal, argued in a post on X that these documents are essential to demonstrating the SEC’s inconsistent stance on crypto and its regulatory scope.
However, the SEC maintains that it has met its discovery obligations and calls for the denial of Coinbase’s motion.
The SEC sued Coinbase in June 2023, alleging that the company violated federal securities laws by operating as an unregistered securities broker since 2019. The regulator identified 13 crypto assets offered by Coinbase, including Solana (SOL), Cardano (ADA), and Polygon (MATIC), which it considered securities.
The SEC remains firm in its stance against Coinbase’s document request, underscoring the need for regulatory clarity and ongoing enforcement in the crypto industry.
Gode is a Web3 Market Analyst who researches the most important industry events and interprets how they affect the wider Web3 space. Her formal education in media culture & digital rhetoric allows her to employ a methodical approach to evaluating critical Web3 news data, including large-scale events and the wider social sentiment within the ecosystem.
Gode is a mutilingual professional, having studied in multiple universities all across Europe. This allows her to have a one-of-a-kind opportunity to analyze Web3 social sentiments spanning different cultures and languages and, in turn, develop a much deeper understanding of how the Web3 space is growing within different communities. With the rest of her team, Gode works to identify crucial crypto news patterns and provide unbiased and data-driven information.
Gode’s passions include working and communicating with people, and when she’s not researching Web3 news, she spends her time traveling and watching true crime documentaries.
