Coinbase has asked a New York court to compel the U.S. Securities and Exchange Commission to release documents related to Gary Gensler’s internal discussions. In a July 23 court filing, Coinbase’s lawyers are seeking access to Gensler’s private communications from his tenure as SEC Chair starting in 2021.
Coinbase’s defense previously sought Gensler’s emails from both before and during his tenure as SEC Chair. However, following objections from the SEC and Judge Katherine Polk Failla, Coinbase narrowed its request.
The July 23 motion highlights Subpoena Request No. 23, seeking documents related to Gensler’s speeches on digital asset regulation. Coinbase’s Chief Legal Officer, Paul Grewal, asserts that these documents are crucial to the SEC’s current claims.
The motion notes that the SEC has refused to search for documents outside its Enforcement Division’s investigative files, citing relevance and undue burden. It has also declined to conduct custodian email searches or establish a produce-or-log protocol for such searches, including Chair Gensler’s SEC emails and any potential use of personal email for communications about his public statements.
Coinbase argues that the SEC’s justifications are insufficient.
Coinbase was sued by the SEC in 2023, which alleged that the exchange violated securities laws by listing 13 tokens it considers securities. The SEC had previously labeled Coinbase an “unregistered securities broker” in 2019.
The recent filing also seeks information related to Coinbase’s 2021 public offering, which underwent a six-month SEC review. Coinbase asserts that during this review, the SEC did not determine that Coinbase was an unregistered exchange, broker, or clearing agency, nor did it classify the tokens offered as securities.
Additionally, the motion requests details of conversations between SEC staff and other market participants.
Coinbase maintains that the tokens listed on its platform are not securities and should not fall under SEC regulation. The exchange has also accused the SEC and the Federal Deposit Insurance Corporation of obstructing their Freedom of Information Act requests.
