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Earlier this year, leading cryptocurrency exchange Coinbase filed two lawsuits attempting to compel financial regulators to turn over internal documents and communications relating to previous investigations and industry actions.
The actions were brought against the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) under the Freedom of Information Act.
In the most recent development in the lawsuit shared on X by Fox Business reporter Eleanor Terrett, Coinbase has filed a motion in a DC court requesting that the judge grant a partial summary judgment in its action against the SEC for access to internal crypto enforcement materials.
Tomiwabold OlajideCoinbase lawyers claim that the SEC has been blocking their attempts to obtain these documents through FOIA requests, despite the exchange suing the agency for access to them. According to the lawsuit, the SEC is seeking a "3-year" grace period to determine if the documents in question can be disclosed to Coinbase.
Coinbase CLO sheds light on legal development
In a recent tweet, Coinbase's chief legal officer Paul Grewal shed light on the recent development, stating that the exchange has requested a partial summary judgment in its cases against the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation.
In a throwback to the past, Grewal noted that the SEC and the FDIC denied providing all of the information Coinbase sought under separately filed FOIA requests in 2023, claiming one or more of the nine exemptions, according to Coinbase's complaints.
According to Grewal, the SEC initially indicated that it could avoid FOIA because the documents Coinbase requested were exempt. Later, the SEC retracted, claiming the exception may no longer apply but would not say for certain. Grewal stated that the SEC is now requesting an additional three years to determine whether the records in question may be disclosed to Coinbase.
Grewal also mentioned that Coinbase submitted FOIA requests for files on ETH 2.0 over a year ago and then sued - only to "get an entirely new set of excuses." The coinbase CLO noted that the SEC's constantly changing story raises the question of what the SEC is hiding and why. Hence, it seeks a partial summary judgment in the matter.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team