In an ongoing legal battle between Coinbase and the Securities and Exchange Commission (SEC), the crypto exchange is intensifying efforts to access critical internal communications that could shed light on how the regulator views Ethereum (ETH) and other digital tokens.
Coinbase's Quest for SEC Documents
Coinbase asked a federal judge to rule on whether it can obtain SEC documents related to the agency's discussions on cryptocurrencies, Coindesk reported. These documents, which were initially denied by the SEC, could reportedly reveal the regulator's stance on whether Ethereum and similar tokens should be considered securities, potentially impacting the future of the digital asset industry in the US.
History Associates, acting as an intermediary for Coinbase, filed a notice with the US District Court for the District of Columbia, signaling its intention to seek partial summary judgment. The firm claims that the SEC's original reasons for withholding the documents may no longer apply, given the agency's changing narrative.
Coinbase had previously requested the documents under the Freedom of Information Act, focusing on SEC communications regarding ETH 2.0, the next stage in Ethereum's blockchain evolution. When the request was denied, citing an ongoing investigation, Coinbase's legal team decided to sue, accusing the SEC of blocking efforts to uncover these discussions.
The Regulator's Stance
The SEC has remained largely silent on the matter, refusing to comment beyond its public filings. However, Coinbase's efforts to extract transparency from the agency form part of a much larger legal strategy.
In addition to this case, the company is engaged in multiple disputes with the SEC, including a lawsuit over accusations of operating an illegal securities exchange. Coinbase is also pushing for the creation of crypto-specific regulations through another legal petition.
Last month, The US Court of Appeals for the Third Circuit questioned the Securities and Exchange Commission's (SEC) denial of a rulemaking petition by Coinbase. The exchange maintains that the SEC lacks clear rules for the industry.
In 2022, Coinbase filed a petition asking the regulator to create specific rules for crypto assets to clarify the regulatory framework for securities based on digital platforms. The SEC denied this request in December 2023, forcing Coinbase to seek judicial intervention to compel the regulator to reconsider its decision.
This article was written by Jared Kirui at www.financemagnates.com.* This article was originally published here
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