The post Coinbase Pursues Partial Summary Judgment Against SEC: Could New Insights on ETH 2.0 Emerge? appeared on BitcoinEthereumNews.com.

Coinbase is intensifying its legal battle against the U.S. Securities and Exchange Commission (SEC) with a strategic motion for partial summary judgment. This lawsuit stems from the SEC’s refusal to fulfill Freedom of Information Act (FOIA) requests made by a research firm Coinbase hired. According to Coinbase’s Chief Legal Officer, the agency’s inconsistent responses raise serious questions about its transparency regarding digital asset regulation. In a significant move against the U.S. SEC, Coinbase files for a partial summary judgment seeking clarity on digital assets regulation. Coinbase Fights Back in Court Coinbase has initiated a motion for partial summary judgment in a Washington, D.C. court, as part of its ongoing struggle with the SEC. This legal challenge was prompted by the SEC’s refusal to disclose certain documents that are crucial for understanding the regulatory landscape of cryptocurrency. The motion aims to compel the SEC to comply with FOIA requests submitted by Coinbase and its representative, History Associates, which sought clarity on the SEC’s stance on digital assets. Background on the SEC’s FOIA Denial The SEC and Federal Deposit Insurance Corporation (FDIC) both denied Coinbase’s FOIA requests in 2023, claiming exemptions outlined in the Act. Coinbase’s legal team argues that the lack of transparency in the SEC’s handling of these requests is detrimental not only to Coinbase but to the broader cryptocurrency market. They assert that the requested documents are vital for establishing how the SEC classifies digital tokens as securities, something the agency has failed to clarify adequately. The Ongoing Lack of Clarity in Regulation Coinbase’s legal representatives contend that the SEC’s delayed responses and requests for extended timeframes are obstructive. They highlight the pressing need for clear guidelines regarding which tokens may be classified as securities, emphasizing that a lack of regulatory clarity hampers innovation in the cryptocurrency sector. As…

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Filed under: News - @ October 15, 2024 11:27 pm