SEC Litigation Crypto: Court Urged to Deny Coinbase’s Document Subpoena Request
Key Points:
- The SEC had claimed Coinbase was asking for material that was “entirely irrelevant” to the court case.
- It has asked for more SEC documents, including the agency’s internal deliberations concerning digital assets.
SEC Litigation Crypto has led the U.S. Securities and Exchange Commission to request that a New York court block a subpoena from crypto-asset firm Coinbase Inc., which seeks documents related to crypto assets held by the regulator.
SEC Litigation Crypto with Coinbase
“In the context of SEC Litigation Crypto, the SEC wrote in a court filing on Monday that it had been accommodating Coinbase’s requests for additional documents, including those related to fair notice and investigative files that were not directly related to the Coinbase matter.”
“Unsatisfied, Coinbase continued to press the SEC to conduct a sprawling search of all agency records—including all internal files and all communications with government agencies and market participants,” wrote the SEC, adding that Coinbase didn’t mention any previous cases or legal theory to support its “extraordinary” requests.
During the SEC Litigation Crypto, Coinbase argued that the SEC sought documents that were ‘entirely irrelevant,’ claiming the requests were based on the flimsy notion that they might relate to Coinbase’s services or the application of securities laws to digital assets.
Read More: How the SEC’s Revised Binance.US Lawsuit and Solana’s Exclusion Affect the Best Ongoing Presales in 2024
Coinbase Questions SEC’s Transparency
“If the SEC is going to engage in an unprecedented regulation by enforcement campaign, such as seen in SEC litigation crypto cases, the least they owe to those they target – and the public – is transparency,” Grewal said in response to the SEC’s court document about X.
Coinbase had also requested of the court an order that would compel the deposition of Gensler, and require a discovery search of his email, according to the court paper. U.S. District Judge Katherine Polk Failla of New York denied the request.
Last year, the SEC sued Coinbase for operating an unregistered securities exchange. At the root of that lawsuit was the argument by the SEC that many of the cryptocurrencies accessible through Coinbase are securities and, therefore, should be regulated by them. On its part, Coinbase contends that most cryptocurrencies are not securities but digital commodities.
| 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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SEC Litigation Crypto: Court Urged to Deny Coinbase’s Document Subpoena Request
Key Points:
- The SEC had claimed Coinbase was asking for material that was “entirely irrelevant” to the court case.
- It has asked for more SEC documents, including the agency’s internal deliberations concerning digital assets.
SEC Litigation Crypto has led the U.S. Securities and Exchange Commission to request that a New York court block a subpoena from crypto-asset firm Coinbase Inc., which seeks documents related to crypto assets held by the regulator.
SEC Litigation Crypto with Coinbase
“In the context of SEC Litigation Crypto, the SEC wrote in a court filing on Monday that it had been accommodating Coinbase’s requests for additional documents, including those related to fair notice and investigative files that were not directly related to the Coinbase matter.”
“Unsatisfied, Coinbase continued to press the SEC to conduct a sprawling search of all agency records—including all internal files and all communications with government agencies and market participants,” wrote the SEC, adding that Coinbase didn’t mention any previous cases or legal theory to support its “extraordinary” requests.
During the SEC Litigation Crypto, Coinbase argued that the SEC sought documents that were ‘entirely irrelevant,’ claiming the requests were based on the flimsy notion that they might relate to Coinbase’s services or the application of securities laws to digital assets.
Read More: How the SEC’s Revised Binance.US Lawsuit and Solana’s Exclusion Affect the Best Ongoing Presales in 2024
Coinbase Questions SEC’s Transparency
“If the SEC is going to engage in an unprecedented regulation by enforcement campaign, such as seen in SEC litigation crypto cases, the least they owe to those they target – and the public – is transparency,” Grewal said in response to the SEC’s court document about X.
Coinbase had also requested of the court an order that would compel the deposition of Gensler, and require a discovery search of his email, according to the court paper. U.S. District Judge Katherine Polk Failla of New York denied the request.
Last year, the SEC sued Coinbase for operating an unregistered securities exchange. At the root of that lawsuit was the argument by the SEC that many of the cryptocurrencies accessible through Coinbase are securities and, therefore, should be regulated by them. On its part, Coinbase contends that most cryptocurrencies are not securities but digital commodities.
| 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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