- Coinbase has increased efforts to force the SEC to release internal documents.
- The exchange has slammed the agency for being evasive.
- Coinbase has a similar suit against the FDIC.
When Coinbase received a Wells notice from the U.S. SEC in March 2023, it made it clear that it would not back down but would take the fight to the regulator. Over a year and multiple lawsuits later, the exchange continues to fulfill this commitment.
In the exchange’s most recent effort, it is attempting to twist the arm of the agency, which has accused it of operating an unregistered exchange, to publicize documents related to its crypto investigations, particularly on Ethereum.
Coinbase Applies Pressure
Coinbase is seeking a court ruling to force the SEC to release internal documents related to its investigation of Ethereum to uncover its crypto asset classification process.
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The move comes as part of a lawsuit filed on behalf of the exchange by research firm History Associates in June 2024. The lawsuit faults the agency’s basis for denying Freedom of Information Act (FOIA) requests for these documents.
In a Tuesday, October 15, filing, Coinbase’s proxy History Associates slams the SEC for trying to evade the FOIA requests through various delay tactics, calling on the court to intervene via summary judgment.
"First the SEC said it could avoid FOIA because docs we’re owed are exempt. Then they said that exemption 'may' no longer apply but won’t say for sure. Now they want at least THREE YEARS to find another exemption to avoid the law. Today we ask the DDC to end this nonsense," Coinbase CLO Paul Grewal submitted in an X post, summarizing the gripe in the filing.
Amid the changing narrative from the regulator, Grewal called into question the agency’s motives.
"Their constantly changing story begs the ?s—what is the SEC hiding and why?" he wrote.
Besides the SEC, Coinbase has a similar FOIA suit against the Federal Deposit Insurance Corporation (FDIC) after the agency denied requests for the exchange to see letters sent to banks in 2023 to halt crypto activities.
The exchange has accused the regulator of deliberately trying to cripple the crypto industry by cutting off its access to banking.
Read this for more on Coinbase’s FOIA case against the SEC:
Coinbase Sues SEC and FDIC over Crypto Information Requests
See how Coinbase’s Base has risen up the ranks in the Ethereum Layer 2 space:
Coinbase’s Base Takes #1 L2 Spot in Just Over a Year: How It Beat the Pack
