Coinbase Seeks Court Order for SEC Chair Gensler’s Internal Documents

Coinbase has requested a New York court to compel the United States Securities and Exchange Commission (SEC) to provide documents related to Gary Gensler’s internal discussions.

In a recent court filing, Coinbase’s legal team is seeking access to documents and communications from Gensler’s tenure as the SEC Chair. The motion, submitted on July 23, asks for Gensler’s private communications during his time as SEC Chair from 2021 onward.

Previously, Coinbase’s defense had requested Gensler’s emails from both before and during his time as SEC Chair. However, after resistance from the SEC and Judge Katherine Polk Failla, Coinbase narrowed its request. The motion emphasizes Subpoena Request No. 23, which includes documents related to Gensler’s speeches on digital asset regulation. According to Coinbase’s chief legal officer, Paul Grewal, these documents “bear directly on the claims the SEC now asserts.”

The motion also mentions that the SEC has refused to search for documents outside its Enforcement Division’s investigative files, citing relevance and undue burden. It has also declined to conduct custodian email searches or establish a produce-or-log protocol for such searches.

“That extends to Chair Gensler’s SEC emails, and even to asking Chair Gensler whether he used his ‘personal email for communications’ about his public statements on these subjects that he said were made in his personal capacity”

Coinbase’s motion argues that the SEC’s justifications do not hold weight.

SEC’s Allegations Against Coinbase

Coinbase was initially sued by the SEC in 2023. The commission accused the exchange of violating securities laws by listing 13 tokens it claims are securities. The SEC also labelled Coinbase as an “unregistered securities broker” in 2019.

In response, the recent filing also requested information related to Coinbase’s 2021 public offering, which involved a six-month SEC review. The crypto exchange asserts that the SEC did not conclude that Coinbase was an unregistered exchange, broker, or clearing agency during this review period. Additionally, the tokens offered by Coinbase at the time were not identified as securities offerings.

Ongoing Disputes and Requests

The motion also seeks information on conversations between SEC staff and other market participants. Coinbase maintains that the tokens listed on its platform do not qualify as securities and should not be subject to SEC regulations.

Previously, the exchange has accused the SEC and the Federal Deposit Insurance Corporation of obstructing their requests for documents under the Freedom of Information Act.

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