Coinbase Achieves Partial Win in Court Battle Against SEC for Crucial Discovery
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
Cryptocurrency exchange Coinbase has secured a partial victory against the U.S. Securities and Exchange Commission (SEC), potentially gaining access to critical documents regarding the agency’s classification of tokens as securities.
On September 5, Judge Katherine Failla of the Southern District of New York partially granted Coinbase’s motion to compel the SEC to produce documents.
The ruling came as part of Coinbase’s ongoing legal struggle with the SEC, which began in July over the scope of document requests related to the regulator’s stance on digital assets.
According to Coinbase’s Chief Legal Officer, Paul Grewal, the court’s decision is expected to result in the SEC providing “important discovery” for the case.
The SEC’s enforcement action against Coinbase, filed in June 2023, accuses the exchange of operating as an unregistered securities exchange, broker, and clearing agency.
Today Judge Failla ruled from the bench on our motion to compel @SECGov to provide key information for the defense of our case. In short, the Court ordered the SEC to produce important discovery. I’ll share the full transcript when we have it, so you can read it for yourself. In…
Coinbase’s motion, filed on July 23, sought documents related to the SEC’s application of securities laws to digital assets, the firm’s initial public offering, and statements made by SEC Chair Gary Gensler on digital assets.
The SEC, however, contended that Coinbase’s requests were excessively broad and sought material that was not pertinent to the civil case.
The outcome
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