Coinbase demands SEC documents in crypto regulation dispute
The case highlights significant industry concerns about the lack of clarity in the SEC’s regulatory framework.
Coinbase has filed a motion seeking partial summary judgment in its ongoing legal battle against the US Securities and Exchange Commission (SEC). The cryptocurrency exchange aims to access internal SEC documents, hoping to gain insight into the regulator’s approach toward the crypto industry. This stems from the SEC’s decision to deny requests under the Freedom of Information Act (FOIA) for crucial records on its enforcement strategies.
Coinbase, through History Associates, has been attempting to understand the SEC’s stance on digital assets, especially concerning the regulation of cryptocurrencies as securities. The SEC initially withheld documents under law enforcement exemptions but later acknowledged that these protections might no longer apply. Despite this, the regulator has delayed the document review process for three years, which Coinbase argues is unwarranted.
This motion is part of Coinbase’s broader efforts to challenge the SEC’s regulatory approach to the crypto sector, which many believe lacks clear guidelines. The case highlights the need for transparency regarding how the SEC enforces securities laws in the rapidly growing digital asset space.
