Coinbase continues to struggle to access Gensler’s private emails.
US crypto exchange Coinbase continues to seek access to Gary Gensler's personal communications, saying they are a “relevant source of discovery” in its battle with the financial regulator.
Coinbase first requested Gensler's personal communications in April, arguing they were relevant to the case. This includes any documents about crypto since 2017.
The Securities and Exchange Commission sought to block Coinbase's request in a June 28 letter to District Court Judge Catherine Failla, saying, “This position and proposition is denied.”
Coinbase now challenged this in a letter registered on July 3, arguing about Gensler's personal relationships regarding the regulatory status of digital assets and crypto exchanges during his role as SEC chairman “Coinbase's fair publicity defense heart.”
“To Mr. Gensler, he shares his views and sometimes communicates with market participants in a personal capacity,” Coinbase wrote, adding that this was “all the more reason” to scrutinize his private messages.
“The SEC cannot, cannot, argue that they did not discuss these issues with market participants in private emails during their tenure as chairman. […] Instead, they refuse to ask.
In addition, the lawyers said, Gensler's contacts both during and before his tenure as SEC chairman are equally important because they help them better understand his thinking on regulatory issues from time to time.
Related: Coinbase Sues SEC, FDIC Over FOIA Violations
In a July 3 post on X, Coinbase's legal chief added a “reasonable discovery” effort in response to the SEC's initial legal battle.
“We have responded [the SEC’s] Coinbase Chief Legal Officer Paul Grewal wrote.
The SEC sued Coinbase in June 2023, listing 13 tokens it says are securities and accusing the crypto exchange of violating federal securities laws almost two years before its initial public offering in April 2019, which Coinbase operates as an “unregistered securities broker”. 2021.
Coinbase argues that the tokens listed on its exchange should not be considered securities, claiming they fall outside SEC regulations.
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