A judge partially grants a motion by Coinbase that would force the US Securities and Exchange Commission (SEC) to produce critical documents.
Last month, Coinbase filed the motion to obtain the documents related to its past communications with crypto issuers as it believes the regulatory body’s enforcement actions have been inconsistent.
The SEC first sued Coinbase in June 2023, alleging that the top US cryptocurrency exchange had violated several securities laws, including selling unregistered securities.
About a year later, Coinbase filed a countersuit, claiming the SEC is trying to cripple the digital asset industry by operating outside its jurisdiction.
Earlier this week, Coinbase Chief Legal Officer Paul Grewal noted that the judge in the case both partially granted and rejected the cryptocurrency exchange’s proposal to force the SEC to produce key documents, citing the regulator’s recent case against Ripple Labs.
“Like [the Judge] noted, by allowing analogous discovery in the Ripple lawsuit, this level of discovery is reasonable for an incredibly high-stakes, high-value lawsuit.”
According to court transcripts, the judge granted Coinbase’s request, albeit on a limited basis.
“I grant that motion to compel the production or recording of this information, under the conditions I have just described; restrictions on custodians, restrictions on the production of purely intra-agency communications, and the expectation that the parties can agree on a limited number of search terms that can be used by the accounts of a limited number of the limited number of custodians.”
In a thread on the social media platform X, Grewal thanked the court for ordering the SEC to obtain evidence.
“Today, Judge Failla ruled from the bench on our motion to compel SEC to provide information important to the defense of our case. In short, the Court ordered the SEC to make important discovery… We thank the Court for its careful consideration.”
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Featured image: Shutterstock/Zaleman
