1 month ago
The US Securities and Exchange Commission (SEC) has firmly opposed Coinbase’s question to compel further find successful their ongoing ineligible battle.
The quality centers astir Coinbase’s sweeping demands for documents that the SEC argues are irrelevant and overly burdensome.
In a memorandum filed connected Aug. 5, the SEC contended that the exchange’s find requests question immense amounts of information, overmuch of which is either irrelevant to the halfway issues of the lawsuit oregon privileged.
SEC arguments
The SEC outlined respective cardinal points against Coinbase’s motion. Firstly, the SEC asserts that the documents the speech seeks are not applicable to the superior issues of the case, arguing that the court’s investigation of the facts and the law, not the SEC’s interior discussions, volition determine the case.
Secondly, the SEC highlighted the important load progressive successful reviewing and producing millions of documents. It noted that it has already spent implicit 400 hours reviewing documents and preparing a 648-page privilege log. Expanding the hunt to see millions of further documents would beryllium excessively burdensome.
The SEC besides disputed Coinbase’s just announcement defense, stating that the law’s exertion to integer assets is wide and that interior SEC communications are irrelevant to this nonsubjective ineligible standard.
Additionally, Coinbase’s petition for a illustration of SEC Chair Gary Gensler’s emails is particularly contentious. The SEC argued that this petition is disingenuous and burdensome, particularly since Gensler has testified nether oath that helium does not usage idiosyncratic devices for SEC business.
Court’s role
The SEC’s memorandum emphasized the Court’s relation successful determining the relevance and proportionality of find requests. The regulator stated that due find should beryllium focused connected what the suspect did, emphasizing that the scope of find should beryllium tailored to the circumstantial facts and ineligible questions astatine issue.
As the ineligible conflict betwixt the SEC and Coinbase continues, the court’s determination connected this find quality volition play a important relation successful shaping the proceedings. The watchdog maintains that it has much than fulfilled its find obligations and calls for Coinbase’s question to beryllium denied, labeling it an unjustified and burdensome demand.
As some sides hole for further ineligible confrontations, the broader cryptocurrency manufacture and ineligible observers are intimately watching the developments, which could acceptable important precedents for the aboriginal of integer plus regularisation successful the US.
The station SEC files question pushing backmost against Coinbase’s find requests appeared archetypal connected CryptoSlate.
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