The San Francisco-based cryptocurrency exchange, Coinbase has filed a motion demanding the United States Securities and Exchange Commission (SEC) produce private emails from SEC Chair Gary Gensler as part of its ongoing legal dispute with the regulator.
This comes after Coinbase wrote a letter to Judge Katherine Polk Failla, where the company showed a willingness to reduce the number of documents it requested from the SEC after the two arms of the government and the judge herself declined to release the information.
First, Coinbase asked Gensler for his private emails prior to and during his stint as SEC Chair starting in April. However, after receiving pressure, Coinbase has narrowed its FOIA request to exclusively concern Gensler’s communications as the SEC Chair starting in 2021.
The new motion was filed on July 23 and requested materials connected with speeches of Gensler on digital asset legislation. Coinbase claims these records are crucial in combating accusations of engaging in unlawful sales of securities that have not been registered.
Paul Grewal, the Chief Legal Officer of Coinbase, also focused on the necessity of obtaining all the information. “Documents related to these communications bear directly on the claims the SEC now asserts and on Coinbase’s fair notice defense,” Grewal said in a post on X.
The SEC has stated that it will not search beyond the documents located in its Enforcement Division, whereas Coinbase’s motion is requesting documents regarding discussions of the SEC staff, the SEC’s 2021 public offering, and Gensler’s statements on crypto regulation.
The SEC filed a complaint against Coinbase in June 2023 for offering securities to the public and working as an unregistered securities broker from 2019, in violation of federal securities laws.
This is evident in the recent move by Coinbase to request private emails of Gensler in a bid to seek all information that may be useful in the case against the SEC. This strategic move reflects the fact that Coinbase is keen to protect itself against regulatory claims.
