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In the ongoing legal battle between Coinbase and the U.S. Securities and Exchange Commission (SEC), Coinbase's Chief Legal Officer Paul Grewal has shared an update on X regarding the SEC's latest filing.
The SEC has responded to Coinbase's request to produce important documents that could show the agency's inconsistent views on digital assets and its regulatory reach.
Grewal stressed the need for transparency, stating, "If the SEC is going to engage in an unprecedented regulation by enforcement campaign, the least they owe to those they target — and the public — is transparency."
In July, Coinbase requested that the Court order the SEC to produce important documents in discovery, including documents related to the tokens the SEC included in its complaint against Coinbase, the SEC’s consideration of its public offering and statements Chair Gensler has made in his personal and professional capacity during his SEC tenure.
These documents also pertain to communications that bear directly on the claims the SEC now asserts and on Coinbase's fair notice defense.
Tomiwabold OlajideIn its response, the SEC requested that Coinbase's Motion be denied, claiming that the burden of searching through and logging over 3 million more records cannot be justified because these documents largely belong to SEC commissioners or directors.
The SEC claims to have produced 240,000 records and is searching another 117,000 documents for responsive material, including emails from non-enforcement staff that Coinbase argues are relevant to fair notice. The agency also claimed that it has produced a 648-page list of the privileged documents it is validly withholding.
Recent crypto regulatory developments
In the most recent development in the Binance lawsuit, the U.S. Securities and Exchange Commission (SEC) is no longer requesting that a court decide and deem the tokens referenced in the action to be securities.
On July 30, the SEC stated that it intends to amend its complaint addressing "Third Party Crypto Asset Securities" as specified in its opposition to Binance's motion to dismiss.
In the last month, stablecoin issuer Paxos announced that the U.S. Securities and Exchange Commission had concluded an inquiry related to Binance USD stablecoin (BUSD).
Paxos revealed more than a year ago that it had received a Wells notice from the SEC indicating that the agency was considering proposing an action alleging that Binance USD was an unregistered security.
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