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Coinbase has initiated a lawsuit against the U.S. Securities and Exchange Commission (SEC), demanding the release of documents related to cryptocurrency regulations. The company has filed a motion for partial summary judgment with the District Court of Washington, D.C.
Coinbase’s Demand for SEC Internal Documents
Through History Associates Inc., Coinbase seeks internal documents from the SEC concerning its cryptocurrency enforcement actions. The company’s legal team alleges that the SEC has obstructed the release of these documents.
The SEC proposed a three-year delay in deciding whether to release the requested information. Coinbase criticized the SEC for extending this timeline. This motion follows Coinbase’s lawsuit against the SEC and the Federal Deposit Insurance Corporation, filed in June 2023, claiming that their Freedom of Information Act requests were not fulfilled.
SEC’s Role in Cryptocurrency Regulation
Coinbase aims to understand the SEC’s decision-making process regarding whether certain assets, like Ether (ETH), qualify as securities. This issue could have significant implications for the cryptocurrency industry.
Paul Grewal, Coinbase’s Chief Legal Officer, mentioned that the requested documents from the SEC are unlikely to be released before the end of the year.
Coinbase’s request also comes in light of a lawsuit filed by blockchain firm ConsenSys against the SEC in April, where ConsenSys challenged the SEC’s overreach. The SEC had previously filed a separate lawsuit against Coinbase, accusing it of offering certain products without being a registered exchange.
History Associates Inc. has also complained about the SEC’s delays in document disclosure, criticizing the agency for a lack of transparency in cryptocurrency regulation.
This action by Coinbase could be a pivotal legal turning point regarding how cryptocurrency assets are classified under U.S. securities laws. Other companies, like Cryptocom, are also pursuing similar legal actions to address regulatory uncertainties. Ongoing litigation will likely influence how the SEC categorizes cryptocurrencies as securities, despite its consistent reference to the Howey test, which does not fully apply to all aspects of crypto.
