- U.S. District Judge advises Coinbase to reconsider or modify subpoena for SEC Chair Gensler’s personal communications.
- Recently, Coinbase and the SEC have been at odds over a subpoena seeking Chair Gary Gensler’s personal emails and pre-2021 information.
In a recent hearing, U.S. District Judge Katherine Polk Failla advised Coinbase to either drop or significantly revise its efforts to subpoena U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler’s personal communications. The hearing was convened following the SEC’s request to block Coinbase’s subpoena, which south access to Gensler’s personal emails related to cryptocurrency.
Judge Failla expressed surprise at Coinbase’s request, which was initially served in April and was expanded in June to include Gensler’s communications. She suggested that the exchange’s approach was inappropriate, recommending that the exchange file a motion to compel for a formal proceeding.
In a June 28 letter to the court, the SEC opposed the subpoena, labeling it an “improper intrusion” on Gensler’s privacy. They argued that any requests should target the SEC as an institution rather than individual members. Coinbase’s lawyers justified their request, citing Gensler’s prominent and vocal stance on crypto regulation. They pointed out that he often expressed views he stated were personal and not representative of the SEC.
This dispute is part of an ongoing legal battle between the SEC and Coinbase. It started last year when the SEC sued the exchange for operating without proper registration. In March, Judge Failla rejected Coinbase’s motion to dismiss the lawsuit. She affirmed that the SEC had sufficiently pleaded that the exchange functioned as an unregistered exchange, broker, and clearing agency. However, she dismissed a claim regarding Coinbase’s Wallet application.
