Coinbase Pushes for Gary Gensler’s Private Emails in Legal Battle with SEC
Coinbase is ramping up its legal battle with the United States Securities and Exchange Commission (SEC) by filing a motion to obtain private emails from SEC Chair Gary Gensler. The move comes after initial opposition from the SEC and the presiding judge, prompting Coinbase to adjust its approach.
The new motion, filed on July 23, specifically requests emails and documents from Gensler’s time as SEC Chair in 2021. Coinbase is seeking communications related to Gensler’s comments on the regulatory framework for digital assets and exchanges, arguing they are crucial for defending against allegations of facilitating illegal trading of unregistered securities.
The motion also challenges the SEC’s resistance to Coinbase’s document requests, arguing that limiting searches to the Enforcement Division’s investigative files is unfounded. Additionally, Coinbase is seeking information on discussions SEC staff had with other market participants and documents related to its 2021 public offering.
The SEC’s lawsuit against Coinbase, initiated in June 2023, accuses the company of violating federal securities laws by listing securities and operating as an unregistered securities broker. Coinbase’s latest motion underscores its determination to obtain vital information for its defense, potentially impacting the outcome of the legal battle.
In related news, the SEC has dropped its investigation into Paxos, the issuer of BUSD, without taking any enforcement action. Stay tuned for updates on this developing story.
