Coinbase Urges CFTC To Submit Documents Crucial in SEC Lawsuit
The post Coinbase Urges CFTC To Submit Documents Crucial in SEC Lawsuit appeared on BitcoinEthereumNews.com.
Coinbase urges the CFTC to produce communications with issuers of the 12 tokens mentioned in the SEC lawsuit. The exchange believes that the documents will be crucial in determining the tokens’ regulatory status. The court previously ordered the SEC and FDIC to submit relevant documents in response to Coinbase’s motion. In a new development in its ongoing legal battle with the SEC, Coinbase has filed a motion requesting the Commodities Futures Trading Commission (CFTC) to hand over communications with issuers of 12 tokens named in the lawsuit. The exchange believes these documents could be crucial to its defense against SEC allegations that these tokens are unregistered securities. Coinbase Chief Legal Officer Paul Grewal announced the motion on October 2nd via an X post, stating that the filing was made in the Southern District of New York (SDNY). Read also: Ex-Coinbase Execs Launch TrueX Exchange, Backed by PayPal’s PYUSD Today, @Coinbase filed a narrow motion in DDC to compel @CFTC to produce communications between the agency and the 12 token issuers named in our @SECGov enforcement suit. These are the same types of comms that the SDNY already granted against the SEC. Basic due process requires… — paulgrewal.eth (@iampaulgrewal) October 1, 2024 On September 5, US Judge Katherine Polk Failla ordered the disclosure of the SEC’s communications with the 12 token issuers. The judge’s order came in response to Coinbase’s motion to compel, ordering the SEC to produce “a large number of internal memorandum and other documents reflecting the SEC’s Howey analysis.” Throughout the lawsuit, the SEC has said Coinbase was offering these tokens in violation of compliance laws. The agency claimed that these tokens are unregistered securities under the Howey Test. Coinbase now wants the CFTC to provide critical documents showing communication with the token issuers. Grewal believes that these…
Filed under: News - @ October 3, 2024 11:18 am