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Yet another blow for SEC in Coinbase vs SEC case, the lack of clear crypto regulations in the United States has created an unending war between the Securities and Exchange Commission (SEC) and established web3 firms led by Coinbase Global Inc. (NASDAQ: COIN). Although the topic of digital assets has been cited as a major issue in the upcoming US general election, the current administration has not enacted clear crypto regulations.
Did tables turn towards Coinbase, we have found it out!
Coinbase CLO Thanks the Court
Recently via X post, Paul Grewal, Chief Legal Officer at Coinbase, has shared an important update on the platform’s legal battle with the SEC vs Coinbase. According to Grewal, Judge Failla ruled in favor of Coinbase’s motion to compel the SEC to produce key discovery documents necessary for the defense of the case. This ruling requires the SEC to provide important information that Coinbase believes is crucial to strengthening its legal position.
What happened back then?
Coinbase’s legal team, led by Chief Legal Officer Paul Grewal, has previously accused SEC Chair Gary Gensler of being a double agent in his regulation of the digital assets industry. In recent court documents submitted to Judge Katherine Polk Failla, Coinbase urged the court to compel the SEC and Gensler to produce relevant documents, including personal emails sent by Gensler before his tenure as chair and during his time as a professor at MIT.
A Big Relief for Coinbase!
In the latest judgment, Grewal thanked the Court for its thoughtful consideration of the motion, signaling a potential advantage for Coinbase as it faces increasing regulatory scrutiny. He also assured the community that the full transcript of the ruling would be shared as soon as it becomes available, allowing the public to review the details firsthand.
This ruling represents a significant step for Coinbase in its ongoing legal tussle with the SEC, as the demanded discovery could shed light on the SEC’s approach to regulating cryptocurrencies and its stance in the SEC vs Coinbase. Grewal’s post suggests optimism about how this new development may impact the broader regulatory battle Coinbase and other crypto firms face in the U.S.