Coinbase Subpoena Focuses on SEC Chair Gensler’s Communications
Coinbase Subpoena– Crypto exchange Coinbase has changed its approach in its efforts to subpoena the United States Securities and Exchange Commission (SEC) Chair Gary Gensler. Now, they are seeking only his private communications during his time as SEC Chair.
Initially, Coinbase’s lawyers argued that accessing Gensler’s private chats, both before and during his tenure as SEC Chair, was crucial for their defense against the SEC’s lawsuit.
However, a filing from July 15 indicates that Coinbase has decided to focus on Gensler’s communications solely from his time as Chair, after Judge Katherine Polk Failla expressed reluctance to approve the broader request:
With respect to the subpoena to Mr. Gensler, Coinbase has determined to seek the production of Mr. Gensler’s documents only for the period of his tenure as Chair of the SEC.
Gensler became SEC Chair in April 2021, but Coinbase initially wanted access to his communications dating back to 2017, a year before he started teaching a Blockchain and Money course at MIT in 2018.
Coinbase Seeks Gensler’s Chats Amid SEC Lawsuit
Coinbase has argued that gaining access to SEC Chair Gensler’s private chats is crucial for understanding how his stance on crypto regulations has evolved. However, Judge Falia expressed concerns about the burden of investigating Gensler’s pre-chair statements.
Coinbase’s deadline for filing its motion to compel is July 23, with the SEC’s response due by August 5. The SEC filed a lawsuit against Coinbase in June 2023, alleging violations of federal securities laws for listing 13 tokens as securities and operating as an unregistered securities broker since 2019, preceding its April 2021 IPO.
In its defense, Coinbase contends that these tokens should not be classified as securities, asserting they do not fall under SEC regulation.
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