{"id":14955,"date":"2024-07-04T12:21:30","date_gmt":"2024-07-04T09:21:30","guid":{"rendered":"https:\/\/forklog.com\/en\/coinbase-challenges-secs-attempt-to-shield-genslers-correspondence\/"},"modified":"2024-07-04T12:21:30","modified_gmt":"2024-07-04T09:21:30","slug":"coinbase-challenges-secs-attempt-to-shield-genslers-correspondence","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/coinbase-challenges-secs-attempt-to-shield-genslers-correspondence\/","title":{"rendered":"Coinbase Challenges SEC&#8217;s Attempt to Shield Gensler&#8217;s Correspondence"},"content":{"rendered":"<p>The cryptocurrency exchange Coinbase has responded to a motion by the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span>, in which the regulator seeks to block the disclosure of information from its chairman, Gary Gensler.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We have responded to <a href=\"https:\/\/twitter.com\/SECGov?ref_src=twsrc%5Etfw\">@SECGov<\/a> \u2018s effort to block reasonable discovery from Mr. Gensler in a case that it\u2014not Coinbase\u2014chose to file. Democracy, as well as due process, dies in darkness. We appreciate the Court\u2019s careful consideration of this matter. <a href=\"https:\/\/t.co\/YgXi6lElUX\">pic.twitter.com\/YgXi6lElUX<\/a><\/p>\n<p>\u2014 paulgrewal.eth (@iampaulgrewal) <a href=\"https:\/\/twitter.com\/iampaulgrewal\/status\/1808674734302789995?ref_src=twsrc%5Etfw\">July 4, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cDemocracy, as well as due process, dies in darkness. We appreciate the Court\u2019s careful consideration of this matter,\u201d wrote the company&#8217;s chief legal officer, Paul Grewal.\u00a0<\/p>\n<\/blockquote>\n<p>The issue concerns Coinbase&#8217;s request for documents related to the legal status of cryptocurrencies. In a <a href=\"https:\/\/assets.ctfassets.net\/o10es7wu5gm1\/3JQKlRxlcYkGZV65GvngUg\/9599898239e7823cb8d8894636b41b4c\/SEC_v._Coinbase__Motion_for_Protective_Order.pdf\">letter dated June 28<\/a>, the SEC stated that the firm also sought access to Gensler&#8217;s personal emails to assess his true views and attitudes towards digital assets.\u00a0<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThis constitutes an improper intrusion into the privacy of a public servant. Given the complete lack of relevance of the requested documents and the potential chilling effect on government agencies, the court should quash the demand and issue a protective order,\u201d the agency emphasized.\u00a0<\/p>\n<\/blockquote>\n<p>In a <a href=\"https:\/\/www.courtlistener.com\/docket\/67478179\/136\/securities-and-exchange-commission-v-coinbase-inc\/\">response letter<\/a>, Coinbase&#8217;s lawyers argued that the official&#8217;s email is a \u201cproper source of information\u201d:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWhat Gensler said in his private messages about the regulatory status of digital assets, and how market participants responded to him on this matter, serves as evidence of the objective understanding of what actions securities laws prohibit.\u201d\u00a0<\/p>\n<\/blockquote>\n<p>Coinbase has been striving for clear rules from the SEC for the industry over recent years. In July 2022, the company filed a relevant petition with the Commission, and by April 2023, it had already turned to the courts.<\/p>\n<p>The head of the agency, Gary Gensler, dismissed Coinbase&#8217;s claims, asserting that existing laws apply to the sector. In March, the platform appealed to a higher court, requesting the regulator be compelled to develop rules.<\/p>\n<p>In June 2024, the cryptocurrency exchange sued the SEC and the <span data-descr=\"Federal Deposit Insurance Corporation\" class=\"old_tooltip\">FDIC<\/span> for lack of transparency.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency exchange Coinbase has responded to a motion by the SEC, in which the regulator seeks to block the disclosure of information from its chairman, Gary Gensler. We have responded to @SECGov \u2018s effort to block reasonable discovery from Mr. Gensler in a case that it\u2014not Coinbase\u2014chose to file. Democracy, as well as due [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14954,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[138,1162,1181,128],"class_list":["post-14955","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-coinbase","tag-court-cases","tag-gary-gensler","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"12","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/14955","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=14955"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/14955\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/14954"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=14955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=14955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=14955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}