Coinbase Bid for SEC Documents Deemed Too Broad, Court Urged to Reject
CryptoNewsTerminal Staff05 Aug, 2024
Coinbase Bid for SEC Documents Deemed Too Broad, Court Urged to Reject
The Securities and Exchange Commission (SEC) has urged a court to deny Coinbase's request for a subpoena seeking a wide range of internal documents, including communications by SEC Chair Gary Gensler. Coinbase, a leading cryptocurrency exchange, is facing a lawsuit from the SEC, which alleges that it operated an unregistered securities exchange. In response, Coinbase requested a subpoena for documents related to the SEC's investigation. However, the SEC argued that Coinbase's request was overly broad, claiming it sought "virtually every SEC document about crypto." The SEC also objected to the inclusion of communications from before Gensler joined the agency, arguing that these were not relevant to the investigation. The court's decision on Coinbase's subpoena request will have significant implications for the ongoing legal battle between the SEC and the cryptocurrency industry.
