2024

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Coinbase Inc. has&nbsp;<a style="text-decoration:none" href="https://assets.ctfassets.net/sygt3q11s4a9/0q4JFjf9Bz7ZAZ5HLIqkY/b9a0c1eafee580867ce652aeee3db9af/CoinbaseMotionToCompel.pdf" rel="noopener noreferrer nofollow">petitioned</a> a New York court to compel the U.S. Securities and Exchange Commission (SEC) to disclose internal communications involving SEC Chair Gary Gensler during his tenure as SEC Chair, which began in 2021. This motion, filed in the U.S. Southern District Court of New York, focuses on obtaining documents related to Gensler’s private emails and internal discussions within the SEC.
The company also wants information about conversations between SEC staff and other market participants, as well as documents concerning Coinbase’s 2021 public offering. This request comes as part of Coinbase’s broader legal battle with the SEC.
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The company believes these materials could demonstrate that the SEC did not initially view Coinbase’s operations as violating securities laws and could prove that Coinbase was not given adequate warning about potential violations.
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Originally, Coinbase had sought Gensler’s private communications from before he assumed his role at the SEC. However, after facing resistance from a federal judge, the company has scaled back its request to focus solely on communications from Gensler’s time as Chair.&nbsp;
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The adjustment follows feedback from Judge Katherine Polk Failla, who suggested that Coinbase’s initial request was overly broad.
<h2 dir="ltr" id="span-span-legal-arguments-and-court-proceedings-span-span">Legal Arguments and Court Proceedings</h2>
Paul Grewal, Coinbase’s Chief Legal Officer, stated that the motion responds to the judge’s concerns and is intended to provide transparency into the SEC’s processes. Grewal emphasized that understanding how the SEC conducts its business is crucial, especially when the agency is pursuing legal action against Coinbase.
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 <blockquote class="twitter-tweet">
 Today we are asking the Court to order <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@SECGov</a> to produce important documents in discovery, including documents related to the tokens the SEC included in its complaint against <a href="https://twitter.com/coinbase?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@coinbase</a>, the SEC’s consideration of our public offering, and statements Chair Gensler has made in his…— paulgrewal.eth (@iampaulgrewal) <a href="https://twitter.com/iampaulgrewal/status/1815855349779542333?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 23, 2024</a>
 </blockquote>
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The SEC and Coinbase have been locked in a legal battle since the&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/sec-slams-coinbase-with-lawsuit-after-binance" rel="noopener noreferrer nofollow">SEC's lawsuit</a> last year. Coinbase sought to dismiss the lawsuit, but Judge Failla later denied this request.&nbsp;
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The case has now entered the discovery phase. Coinbase’s new motion aims to obtain documents related to the SEC’s deliberations on Coinbase’s public listing, communications about the tokens mentioned in the SEC’s complaint, and statements made by Gensler during his time at the SEC.

Coinbase Demands SEC Release Gary Gensler’s Private Emails in New Court Motion

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