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News

Judge Denies Coinbase Subpoena Request for Gensler’s Communications, Lawsuit Continues

July 12, 2024 - Around 3 mins mins to read

Key Points:

  • Judge Failla denied Coinbase subpoena request for SEC Chair Gary Gensler’s communications, deeming their arguments speculative.
  • The SEC argued the subpoena was an improper intrusion, emphasizing the case concerns the agency’s actions, not Gensler personally.
U.S. District Judge Katherine Polk Failla ruled against Coinbase subpoena request for U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler.
Judge Denies Coinbase Subpoena Request for Gensler's Communications, Lawsuit Continues

Read more: Coinbase Responded to the SEC’s Actions To Prevent “Dies in Darkness” in the Lawsuit

Judge Denies Coinbase Subpoena Request for SEC Chair

Coinbase sought extensive information related to digital assets and cryptocurrency exchange registration, covering communications from 2017 to the present. The request came after a judge allowed the SEC’s case against Coinbase to proceed on most charges.

Coinbase subpoena request aimed to obtain Gensler’s comments, arguing the need to verify that he did not use personal devices or email accounts for official communications. The SEC, however, filed a protective order, contending that the subpoena should target the agency, not Gensler personally, labeling it an “improper intrusion.”

Judge Failla found Coinbase’s arguments speculative and unconvincing, noting the difficulty in obtaining Gensler’s pre-chair statements. She acknowledged Coinbase’s concerns, expressing discomfort with potential stonewalling, but emphasized the speculative nature of their claims.

SEC lawyer Jorge Tenreiro described Coinbase’s request as intrusive, arguing that the proceedings concern the SEC’s actions, not Gensler’s personal communications. He asserted that Gensler is neither a fact witness nor an expert on the law, urging the court to quash the Coinbase subpoena request.

Failla agreed with Tenreiro, highlighting the undue burden of probing Gensler’s pre-chair statements. Coinbase compared their situation to the SEC’s case against Ripple, where the court ordered the discovery of communications involving former SEC Chair Jay Clayton. However, Tenreiro noted the SEC had sought to limit Ripple’s access to certain information.

Coinbase Faces SEC Lawsuit Over Unregistered Operations

Coinbase’s ongoing legal battle includes 33 requests for SEC documents and communications. The SEC’s lawsuit, initiated in June 2023, accuses Coinbase of operating as an unregistered exchange, broker, and clearing agency, and engaging in unregistered securities offerings through its staking services.

Despite the setback, Failla indicated that she expects future motions from Coinbase with her continued involvement in the proceedings.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Coinbase

Coinbase Subpoena Request

Gary Gensler

Ripple

SEC

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Judge Denies Coinbase Subpoena Request for Gensler’s Communications, Lawsuit Continues

Key Points:

  • Judge Failla denied Coinbase subpoena request for SEC Chair Gary Gensler’s communications, deeming their arguments speculative.
  • The SEC argued the subpoena was an improper intrusion, emphasizing the case concerns the agency’s actions, not Gensler personally.
U.S. District Judge Katherine Polk Failla ruled against Coinbase subpoena request for U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler.
Judge Denies Coinbase Subpoena Request for Gensler's Communications, Lawsuit Continues

Read more: Coinbase Responded to the SEC’s Actions To Prevent “Dies in Darkness” in the Lawsuit

Judge Denies Coinbase Subpoena Request for SEC Chair

Coinbase sought extensive information related to digital assets and cryptocurrency exchange registration, covering communications from 2017 to the present. The request came after a judge allowed the SEC’s case against Coinbase to proceed on most charges.

Coinbase subpoena request aimed to obtain Gensler’s comments, arguing the need to verify that he did not use personal devices or email accounts for official communications. The SEC, however, filed a protective order, contending that the subpoena should target the agency, not Gensler personally, labeling it an “improper intrusion.”

Judge Failla found Coinbase’s arguments speculative and unconvincing, noting the difficulty in obtaining Gensler’s pre-chair statements. She acknowledged Coinbase’s concerns, expressing discomfort with potential stonewalling, but emphasized the speculative nature of their claims.

SEC lawyer Jorge Tenreiro described Coinbase’s request as intrusive, arguing that the proceedings concern the SEC’s actions, not Gensler’s personal communications. He asserted that Gensler is neither a fact witness nor an expert on the law, urging the court to quash the Coinbase subpoena request.

Failla agreed with Tenreiro, highlighting the undue burden of probing Gensler’s pre-chair statements. Coinbase compared their situation to the SEC’s case against Ripple, where the court ordered the discovery of communications involving former SEC Chair Jay Clayton. However, Tenreiro noted the SEC had sought to limit Ripple’s access to certain information.

Coinbase Faces SEC Lawsuit Over Unregistered Operations

Coinbase’s ongoing legal battle includes 33 requests for SEC documents and communications. The SEC’s lawsuit, initiated in June 2023, accuses Coinbase of operating as an unregistered exchange, broker, and clearing agency, and engaging in unregistered securities offerings through its staking services.

Despite the setback, Failla indicated that she expects future motions from Coinbase with her continued involvement in the proceedings.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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