Coinbase Exchange has intensified its legal battle against the US Securities and Exchange Commission (SEC) by filing a new court document.
Coinbase Vs SEC FOIA Lawsuit Continues
The exchange submitted a filing to U.S. District Judge Katherine Failla earlier today. The exchange’s lawyer argued that the information the exchange is seeking from Gary Gensler is crucial for its fair notice defense.
This filing stemmed from the SEC’s letter to the judge on June 28 discrediting the exchange’s motives. The SEC claimed the exchange wants to search Gensler’s personal emails to see if he discussed Federal securities laws and crypto assets through them. The agency complained that searching Gensler’s personal emails would be an improper intrusion into his private life.
In contrast, the exchange argued against this in its filed document. It was stressed that his past messages about digital assets and exchanges as Chair could be vital evidence.
Paul Grewal, the exchange’s chief legal officer revealed the SEC’s move to block access to information from Gensler in the ongoing case. He noted that there is a need for transparency and due process in the legal dispute.
We have responded to @SECGov ‘s effort to block reasonable discovery from Mr. Gensler in a case that it—not Coinbase—chose to file. Democracy, as well as due process, dies in darkness. We appreciate the Court’s careful consideration of this matter. pic.twitter.com/YgXi6lElUX
— paulgrewal.eth (@iampaulgrewal) July 4, 2024
This new update is in line with the requested documents under FOIA denied by the SEC and Federal Deposit Insurance Corporation (FDIC) in June.
Coinbase’s Unending Legal Battle with SEC
Over the years, there has been a never-ending legal tussle between the exchange and the agency. The issues mostly involve unregistered securities offerings, and more.
Amidst all the legal saga, the exchange is making significant strides in the crypto industry. In June, the exchange rolled out pre-launch trading for altcoins, and even introduced a new smart wallet. Most recently, it teamed up with Stripe to simplify payments and drive the transformation of the broader financial ecosystem.
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