Coinbase Clashes With SEC Over Crucial Documents in Ongoing Lawsuit

Coinbase is intensifying its legal battle with the Securities and Exchange Commission (SEC), seeking key documents through a discovery request that the SEC has been blocking.

Paul Grewal, Coinbase’s Chief Legal Officer, detailed the company’s latest legal maneuver on X (formerly Twitter) on August 12. Coinbase’s recent court filing in the Southern District of New York challenges the SEC’s objections to this discovery request.

The SEC’s lawsuit against Coinbase, initiated in 2023, accuses the platform of operating as an unregistered securities exchange. Central to the case is the classification of the cryptocurrencies offered by Coinbase – whether they are deemed securities.

Coinbase is pushing for the SEC to disclose documents related to these tokens as part of their defense strategy.

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The SEC has argued against this request, asserting that it has already handed over about 240,000 documents and that further disclosure is unwarranted. Coinbase’s attempt to subpoena SEC Chair Gary Gensler’s personal emails was denied by Judge Katherine Polk Failla.

In its latest filing, the SEC reiterated its stance, claiming that additional documents, including internal and external emails, are irrelevant and accusing Coinbase of trying to put the SEC on trial. Despite this, Coinbase remains steadfast, requesting the court to compel the SEC to detail the withheld documents, underlining its right to a comprehensive understanding of the case against it.

Alexander Stefanov