The post Coinbase scores partial victory in legal battle against the SEC appeared on BitcoinEthereumNews.com.

Crypto exchange Coinbase secured a partial victory in federal court this week in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). In a filing dated Sept. 5,  the US District Court for the Southern District of New York, Judge Katherine Failla partially granted Coinbase’s motion to compel the SEC to hand over documents related to the agency’s categorization of crypto tokens as securities. In an X post, Coinbase chief legal officer Paul Grewal noted that the order would force the SEC to produce “important discovery” in the civil case. Coinbase has been embroiled in a legal battle with the SEC since the regulator filed an enforcement action against it in June last year. The SEC alleged that Coinbase violated securities laws by operating as an unregistered exchange, broker, and clearing agency. In July, Coinbase filed a motion to compel discovery, alleging that the agency had failed to hand over materials that form the very basis of its defense in the case. This includes documents concerning “tokens and services and the application of the securities laws to digital assets.” Basically, it refers to documents pertaining to how the Howey Test is applied to crypto tokens by the agency. The exchange also asked for documents related to the deliberation of Coinbase’s initial public offering, and statements made by Chair Gary Gensler on crypto. In August, the SEC argued that Coinbase’s requests were too broad and that the firm was attempting to access documents that had no bearing on the case. Judge partially curbs the reach of Coinbase’s subpoena In June, Coinbase had served a subpoena to Gensler to produce his private emails that Coinbase claimed were crucial to the ongoing case. The documents in question dated back to 2017, four years before he was sworn in as chairman…

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Filed under: News - @ September 8, 2024 12:20 pm