Coinbase and SEC Case Come Close to End

Coinbase continues its efforts to subpoena Gary Gensler despite recent backtracking in the ongoing Coinbase and SEC case, seeking transparency in the regulatory process.

Coinbase and SEC Case

The leading crypto exchange has taken a significant step forward in its quest to subpoena SEC Chairman Gary Gensler. Despite recent difficulties, the crypto exchange is requesting access to Gensler’s personal devices and emails, hoping to uncover critical communications about the crypto market.

For context, at a recent hearing in which the SEC attempted to dismiss the subpoena against Gary Gensler, Judge Katherine Polk Failla expressed dissatisfaction with the exchange’s efforts. Commenting on the development, Judge Failla said he was “surprised” and “not in a good way”.

Amid the ongoing Coinbase and SEC lawsuit, Elizabeth Goody has joined the SEC’s legal team against the exchange. In the latest filing with the court, Elizabeth Goody applied to appear in court as counsel to the US SEC, further intensifying the market debate.

Meanwhile, it comes at a time when the SEC has recently closed its investigations into several crypto firms, including Consensys, Paxos, and Hiro, without recommending sanctions. This move has brought into question the SEC’s stance on current crypto regulations in the crypto market.

However, Coinbase Director of Legal Affairs Paul Grewal commented on these latest developments, expressing hope that the SEC’s backtracking could be a sign that they are willing to work in good faith with the crypto industry. Grewal said in his last X post:

“I hope this apparent retraction is a sign that the SEC will begin to operate in good faith, rather than simply churning out Wells notices and participating in the industry as it claims.”

Meanwhile, the ongoing Coinbase lawsuit highlights a broader fight for regulatory clarity in the crypto industry. The exchange’s persistent efforts to subpoena Gensler reflect the company’s commitment to ensuring transparency and fairness in the regulatory process.

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