Coinbase Seeks Court Order for Gensler’s Correspondence

Coinbase has filed a motion to compel the SEC and its chairman, Gary Gensler, to produce emails and internal documents underlying its legal battle with the agency, according to The Block.

The Commission sued the platform in June 2023, accusing it of violating securities laws and operating without registration. The SEC also targeted Coinbase’s staking program, Coinbase Earn.

In response to the SEC’s lawsuit, the exchange accused the agency of overstepping its authority. The company noted that it had complied with all regulatory requirements for years and had repeatedly sought direct guidance on the application of securities regulations.

Meanwhile, SEC lawyers questioned the validity of Coinbase’s claims of ignorance regarding legal violations.

The current motion states that years before the agency sued the exchange, officials met with industry participants and made public statements and recommendations on cryptocurrency regulation.

“Documents related to such meetings are directly relevant to the SEC’s claims and Coinbase’s fair notice defense. […] The Commission refuses to search for any information beyond […] the enforcement division’s files. […]. This also extends to Chairman Gensler’s emails at the SEC,” the motion states.

Coinbase is asking the court to compel the agency to provide documents related to tokens included in the SEC’s complaint. The court filing also mentions files concerning the organization’s IPO application in April 2021, as well as statements Gensler made personally and professionally during his tenure at the agency.

Coinbase’s Chief Legal Officer Paul Grewal stated that it is crucial for the market to know whether there were conflicting documents or statements from the SEC regarding the application of securities laws to digital assets.

In March, the Crypto Council for Innovation, venture firm Paradigm, the U.S. Chamber of Commerce, and others supported the company in its demand for the SEC to develop rules for the digital asset industry.

In July, the exchange accused the SEC and the FDIC of failing to comply with the Freedom of Information Act. Such requests allow the public to demand documents from any federal agency.