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Highlights
- Coinbase has secured another legal victory over the US SEC in its FOIA case
- The Court requested the SEC to adhere to the April 11 extension deadline to produce needed documents
- Under Mark Uyeda, the US SEC has taken a more pro-crypto stance, but will this change the FOIA demands?
American digital currency trading platform Coinbase Global Inc. has recorded a minor victory in its Freedom of Information Act (FOIA) case with the US Securities and Exchange Commission (SEC). In an order signed by Judge Ana C. Reyes, the Court sided with Coinbase, asking the regulator to comply with an already established deadline.
Latest Coinbase Victory Over US SEC
According to the X update from Coinbase CLO Paul Grewal, Judge Ana denied the regulator’s demand to dismiss the FOIA case. The Judge also refused to grant a further extension in the timeline required to respond to the FOIA requests.
According to an excerpt of the judgment, the Court noted that it had granted a series of leniencies regarding this case. These allowances include the 3-week extension granted in January this year.
The Judge flagged the subtle strategy of the US SEC as it produced only eight documents when it finally complied with some of the court orders. To address this, Judge Reyes said it might resort to sanctions if the regulator fails to meet the next deadline set for April 11.
As Paul Grewal noted, the Coinbase team has been meeting with the new SEC leadership. He noted that the public will soon gain insight into the regulators’ crackdown efforts.
What is Coinbase Exchange Really After?
Per an earlier CoinGape report, Coinbase filed to access information on the agency’s crypto crackdown efforts during Gary Gensler’s tenure.
The crypto exchange was looking for key documents targeting Ethereum following its transition to Proof of Stake (PoS). Considering the contentions around Ethereum’s classification as a commodity while other assets were targeted, the exchange sought communications regarding this.
The crypto exchange also sought to see the documents from the regulatory efforts directed to the Ethereum 2.0 investigation, as well as information on how much the SEC spent on its crypto litigation, the number of staff hours, and related details.
With the FOIA demands, the trading platform pushes for transparency and accountability with the regulator.
The US SEC Regulatory Shift
While the Mark Uyeda-led commission is bearing the brunt of the Gary Gensler crackdowns in the industry. Since his temporary appointment as Chairman on January 20, Uyeda has changed the direction of the markets regulator.
The SEC is now exploring industry collaboration rather than an enforcement strategy. As a show of goodwill, the commission has closed its case against the exchange and other firms operating in the crypto industry.
Whether or not this positive pivot from the commission will sway Coinbase in the FOIA case remains unknown.
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