In the latest chapter of the long-running saga between Coinbase and the U.S. Securities and Exchange Comission (SEC), Coinbase has filed a motion to compel the SEC, to produce documents deemed critical to its defense against the regulator.
Coinbase Vs. The SEC: The Latest
The motion, filed in the U.S. Southern District Court of New York on Tuesday (July 23), Coinbase claims that in the years prior to taking legal action, the SEC said it had met with crypto market stakeholders and provided clear guidance regarding cryptocurrency regulation.
COINBASE FILES MOTION TO REVEAL GARY GENSLER'S EMAILS IN SEC LAWSUIT: WHAT WE KNOW
– Coinbase filed a motion in the U.S. Southern District Court of New York, demanding the SEC release documents related to SEC Chair Gary Gensler's private emails from when he started his role in… https://t.co/j0tjIhnwP6 pic.twitter.com/J93Mows02H
— BSCN (@BSCNews) July 24, 2024
The cryptocurrency exchange is pushing back against this. Coinbase argues that the SEC is now refusing to search for and provide documents to the SEC’s guidance while also not logging crucial documents as required. “The SEC will not search for these relevant documents,” Coinbase’s motion reads. “It refuses to search any documents outside of a self-selected group of Enforcement Division investigatory files.”
The SEC maintains that documents outside its investigatory files are irrelevant and that searching for them would be burdensome. As well as this, the regulator is also refusing to log documents on the grounds of privilege. In response, Coinbase, argues that these documents are essential for its defence.
EXPLORE: Ethereum ETF Inflows Could Fuel Major Gains For This Coin as Bull Run Ramps Up
Coinbase’s Head Of Legal Speaks On Its Latest Motion Against The SEC
Today we are asking the Court to order @SECGov to produce important documents in discovery, including documents related to the tokens the SEC included in its complaint against @coinbase, the SEC’s consideration of our public offering, and statements Chair Gensler has made in his…
— paulgrewal.eth (@iampaulgrewal) July 23, 2024
Paul Grewal, Coinbase’s Chief Legal Officer, posted on X regarding the motion. He said, “Today we are asking the Court to order the SEC to produce important documents in discovery, including documents related to the tokens the SEC included in its complaint against Coinbase, the SEC’s consideration of our public offering, and statements Chair (Gary) Gensler has made in his personal and professional capacity during his SEC tenure”.
On June 6, 2023, the SEC charged the exchange with operating an unregistered securities exchange, broker, and clearing agency. The regulator alleged that its staking services constitute unregistered securities offerings. Coinbase is disputing these allegations, saying that the SEC lacks the congressional authority to regulate digital assets and that it did not receive fair notice of any violations.
$99BTC Presale Hits $2.5 Million Milestone With Its Launch Right Around The Corner
99Bitcoins will soon be going live with its very own project, the Learn2Earn (L2E) platform, powered by the $99BTC token. It has just hit a landmark $2.5 million raised during presale as it gears up for a Q3 launch. Rumours are abound regarding CEX listings, which is further fuelling the hype for 99BTC as it enters the final stage of presale.
You can still purchase $99BTC and while waiting for the launch date, the team have included a staking protocol that still offers an incredible 684% rewards. Secure your bag and join the L2E revolution today!
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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