Coinbase files motion to compel SEC to release documents related to Gensler

Coinbase has asked a New York court to order the U.S. Securities and Exchange Commission to produce documents related to Gary Gensler’s internal company conversations.

In a new court filing, Coinbase attorneys are seeking access to documents and correspondence from Gensler’s tenure as SEC Chairman.

The motion, dated July 23, seeks private correspondence from Gensler during his tenure as SEC Chairman, effective 2021.

Coinbase’s defense had previously requested emails from Gensler before and after he became SEC Chair, but Coinbase narrowed its request after the SEC and Judge Katherine Polk Failla objected.

The move highlights Subpoena Request Number 23, which contains documents related to Gensler’s conversations about digital asset regulation. According to Coinbase chief legal officer Paul Grewal, these documents “directly relate to the allegations the SEC is currently making.”

The SEC’s Division of Enforcement has refused to search documents outside of its investigative files, citing relevance and undue burden, the petition states. It has also refused to conduct preservation email searches and to establish a produce or save protocol for such searches.

“This goes back to Chairman Gensler’s SEC emails and even asking Chairman Gensler whether he used his ‘personal email’ regarding his public statements on these matters, saying these statements were made in his personal capacity.”

Coinbase July 23 move

Coinbase’s motion argues that the SEC’s reasons are not valid.

Coinbase was first sued by the SEC in 2023. The commission said the exchange violated securities laws by listing 13 tokens it claimed were securities. The SEC also labeled Coinbase an “unregistered securities broker” in 2019.

Therefore, the latest filing also requested information regarding its 2021 IPO, which includes a six-month SEC review. The crypto exchange claims that the SEC did not conclude that Coinbase was an unregistered exchange, broker-dealer, or clearinghouse during that review period.

Moreover, the tokens offered by Coinbase at that time were not defined as securities offerings.

The motion also requests information regarding conversations between SEC staff and other market participants.

Coinbase has continued to argue that tokens listed on its platform do not qualify as securities and should not be subject to SEC regulation.

The exchange has previously accused the SEC and the Federal Deposit Insurance Corporation of obstructing requests for documents under the Freedom of Information Act.