Judge Partially Grants Coinbase Motion in Compelling SEC To Produce Key Documents, Cites Ripple Case in Order

A choose partially grants a movement by Coinbase that might pressure the US Securities and Change Fee (SEC) to supply important paperwork.

Final month, Coinbase filed the movement to acquire the paperwork associated to its previous communications with crypto issuers because it believes the regulatory physique’s enforcement actions have been inconsistent.

The SEC first sued Coinbase in June 2023, alleging that the highest US cryptocurrency change had violated a number of securities legal guidelines, together with promoting unregistered securities.

A couple of 12 months later, Coinbase filed a countersuit, claiming the SEC is making an attempt to cripple the digital asset business by working outdoors its jurisdiction.

Earlier this week, Coinbase Chief Authorized Officer Paul Grewal famous that the choose within the case each partially granted and rejected the cryptocurrency change’s proposal to pressure the SEC to supply key paperwork, citing the regulator’s latest case towards Ripple Labs.

“Like [the Judge] famous, by permitting analogous discovery within the Ripple lawsuit, this stage of discovery is affordable for an extremely high-stakes, high-value lawsuit.”

In line with court docket transcripts, the choose granted Coinbase’s request, albeit on a restricted foundation.

“I grant that movement to compel the manufacturing or recording of this data, topic to the circumstances I’ve simply described; restrictions on custodians, restrictions on the manufacturing of purely intra-agency communications, and the expectation that the events can agree on a restricted variety of search phrases that can be utilized by the accounts of a restricted variety of the restricted variety of custodians.”

In a thread on the social media platform X, Grewal thanked the court docket for ordering the SEC to acquire proof.

“At this time, Decide Failla dominated from the bench on our movement to compel SEC to supply data vital to the protection of our case. Briefly, the Court docket has ordered the SEC to make vital discovery… We thank the Court docket for its cautious consideration.”

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Featured picture: Shutterstock/Zaleman