SEC Pushes Back on Coinbase’s Document Request
The U.S. Securities and Exchange Commission (SEC) has fired back against Coinbase’s attempts to access its internal documents. The regulator is requesting the court deny the request by the crypto exchange.
Key points:
- SEC opposes Coinbase’s request for “essentially all documents” related to crypto assets.
- The agency claims Coinbase’s demands are “extraordinary” and lack legal precedent.
- The exchange argues for transparency in the SEC’s “regulation by enforcement” approach.
According to the regulator, it has already made several concessions by providing documents related to fair notice and investigative files outside the immediate scope of the Coinbase case.
Also read: Binance Contests $86 Million Tax Notice from India: Report
Coinbase CLO responds to SEC’s move
Coinbase’s Chief Legal Officer, Paul Grewal, posted a tweet on X following the SEC’s move. Grewal emphasized the importance of transparency in the ongoing case.
Grewal tweeted: “If the SEC is going to engage in an unprecedented regulation by enforcement campaign, the least they owe to those they target – and the public – is transparency.”
Also read: Crypto Funds See $528M Outflows as Bitcoin and Ethereum Bleed
Coinbase sued the SEC in June under the Freedom of Information Act (FOIA). Through the lawsuit, the crypto exchange wanted to push the agencies to share important information on their approach to regulating the crypto industry.
Coinbase also sought documents on the closed SEC investigations, including those of Ethereum. However, as the SEC is asking the court to reject the exchange’s request, it is unclear how the lawsuit could turn out.
