Coinbase CLO says SEC and Chair Gary Gensler seek to prevent reveal of key documents

Coinbase Chief Legal Officer Paul Grewal said Chair Gensler and SEC seek to prevent key documents from coming to light.
Grewal said the exchange has asked SEC Chair to produce documents concerning communication on regulation of crypto exchanges.
Coinbase’s legal battle with SEC persists, the exchange is taking US regulators to court through an intermediary.

Coinbase, one of the largest cryptocurrency exchanges, is embroiled in a legal battle with US financial regulator, Securities and Exchange Commission (SEC).

In its battle, Coinbase has accused the regulatory agency and Chair Gary Gensler of improperly blocking access to documents relevant to the case.

Coinbase CLO says Gary Gensler and the SEC improperly blocked documents

Coinbase Chief Legal Officer (CLO) Paul Grewal’s recent tweet shows that the exchange is seeking documents tied to two digital assets that have been settled previously. One involves Zachary Coburn, the founder of the EtherDelta platform, the SEC deemed it as “digital asset securities” in 2018.

The second is focused on Enigma MPC, a blockchain firm that sold $45 million in ENG tokens, the SEC marked these tokens as unregistered securities.

Grewal said in a post on X that the exchange has asked the agency for documents on the closed investigations to reveal the SEC’s views. Grewal notes that one of the investigations shows the SEC publicly announcing that Ether is not a security in 2018 and the other investigation has been closed for years.

The SEC has improperly blocked the exchange’s request for the documents and stonewalled attempts to retrieve them.

Coinbase has asked Mr. Gensler to produce documents concerning those communications because they are relevant to exposing how the SEC’s enforcement action offends the Constitution’s requirement of due process, but the SEC and Mr. Gensler seek to prevent them from coming to light.
— paulgrewal.eth (@iampaulgrewal) June 29, 2024

Through its intermediaries, the crypto exchange has filed a lawsuit against US regulators, taking them to court over the Freedom of Information Act requests.

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