Coinbase narrows subpoena, wants Gensler’s emails during time as SEC Chair

Brayden Lindrea15 minutes agoCoinbase narrows subpoena, wants Gensler’s emails during time as SEC ChairCoinbase initially demanded a subpoena into Gary Gensler’s private communications before his time as SEC Chair but has changed tactics in its latest letter to the judge.92 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksCrypto exchange Coinbase has shifted tactics amid its effort to subpoena the United States Securities and Exchange Commission Chair Gary Gensler — and is now seeking his private communications only while serving as Chair.

Coinbase’s lawyers initially argued that access to Gensler’s private chats — both before and during his tenure as SEC Chair — was an “appropriate source of discovery” to mount their defense in the securities regulator’s lawsuit against them.

But a July 15 filing states Coinbase is now going to seek access to Gensler’s communications during his time as SEC Chair after Judge Katherine Polk Failla showed a reluctance to accept Coinbase’s request last week:“With respect to the subpoena to Mr. Gensler, Coinbase has determined to seek the production of Mr. Gensler’s documents only for the period of his tenure as Chair of the SEC.”

Gensler became SEC Chair in April 2021, but Coinbase initially wanted access to Gensler’s communications from 2017, a year before Gensler started teaching a “Blockchain and Money” course at Massachusetts Institute of Technology in 2018.

Coinbase argued access to Gensler’s private chats was crucial to understanding how his views on crypto-related regulatory matters have changed over time.

But Judge Falia said she had “strong views about the disproportionate burden of inquiry into Mr. Gensler’s statements before he became chair.”Concluding remarks from Coinbase lawyer Kevin S. Schwartz to the Hon. Katherine Polk Failla. Source: CourtListener

Coinbase’s opening brief for its motion to compel is due on July 23, while the SEC will have until Aug. 5 to file a response.

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TheSEC sued Coinbase in June 2023, accusing the exchange of violating federal securities laws bylisting 13 tokens it says are securities and that Coinbase has operated as an “unregistered securities broker” since 2019 — nearly two yearsbefore its initial public offering in April 2021.

Coinbase argues the tokens listed on its exchange shouldn’t be considered securities, arguing they fall outside of SEC regulations.

Magazine:Godzilla vs. Kong — SEC faces fierce battle against crypto’s legal firepower# Coinbase# Law# Business# Security# Privacy# SEC# Court# Email# Regulation# Gary GenslerAdd reaction