Coinbase Sues SEC, Asks Court To Disburse Crypto Regulation Documents

JAKARTA - Shocking news came from the largest crypto exchange in the United States, Coinbase. The crypto exchange submitted a request to the court for the US Securities and Exchange Commission (SEC) to disclose documents related to the decision-making process related to digital assets. This application is the latest step in the legal feud between Coinbase and the SEC regarding crypto regulation.

In its document, Coinbase asked the court to order the SEC to search and produce documents reflecting communication between regulators and crypto publishers. The company also criticized the SEC for being less transparent in recording detained documents.

Paul Grewal, Coinbase's Head of Legal Affairs, considered that the SEC's obligation to record relevant documents after review was a task that was not heavy and should not be excluded.

Grewal revealed, "Coinbase is committed to working with good faith in approving reasonable search protocols. However, the additional burden of recording relevant documents detained after review is minimal and largely automatic. The SEC should not be excluded from this responsibility."

This case originated from the SEC's lawsuit against Coinbase in June 2023, accusing the company of violating securities laws by selling unregistered securities and operating unregistered exchanges and broker agents.

Responding to the lawsuit, Coinbase fought back by suing the SEC and the Federal Deposit Insurance Corporation (FDIC). In this retaliatory lawsuit, Coinbase accused the two regulators of acting beyond their control, trying to "encourage" the crypto industry, and avoiding requests for information based on the Law on Freedom of Information (FOIA).