New York, Tuesday, September 17, 2024 – A judge has partially approved Coinbase’s motion to compel the U.S. Securities and Exchange Commission (SEC) to produce essential documents.
This decision comes amid Coinbase’s ongoing legal battle with the SEC, which began when the regulator sued the cryptocurrency exchange in June 2023, accusing it of violating securities laws by selling unregistered securities.
Coinbase’s motion, filed last month, sought documents regarding the SEC’s communications with crypto issuers. The company claims that the SEC’s enforcement actions have been inconsistent and argues that the agency is overstepping its jurisdiction, aiming to stifle the digital assets industry1.
Paul Grewal, Coinbase’s chief legal officer, announced earlier this week that the judge’s ruling was a mixed outcome.
The judge granted the motion in part, referencing the SEC’s recent case against Ripple Labs as a precedent for the scope of discovery in high-stakes litigation. The judge approved Coinbase’s request for document production with certain limitations, including constraints on custodians and intra-agency communications, and a focus on agreed-upon search terms.
In a statement on X, Grewal expressed gratitude for the court’s decision, noting, “Today Judge Failla ruled from the bench on our motion to compel the SEC to provide key information for the defense of our case. We thank the Court for its careful consideration.”
- monthhttps://assets.ctfassets.net/sygt3q11s4a9/6v8s07iesMbU6GFVSwkjha/41dfd3de5dbf55a9af190c577f83fea8/2024.08.12_-_Dkt._156_-_Defs.-_Reply_MoL_in_Supp._of_MTC.pdf[↩]
