Coinbase requests responses concerning dry texts deleted

Coinbase asked a federal court to order an “accelerated accelerated search” of the deleted text messages which were carried out by the former American president of the Securities and Exchange Commission (SEC) Gary Gensler after having been revealed that the agency erased a year of its communications.

The exchange of crypto based in the United States has submitted a deposit through history partners. In the file, Coinbase referred to a September 3 report by the Inspector General who declared that the SEC had “excluded the text messages from civil servants during the processing of Foia demands, even if many have qualified as agency registers in Foia”.

The report also noted that almost a year of text messages from the government of Peopleler from October 18, 2022 to September 6, 2023, were lost due to a faux step of IT / file outfit which included a factory reset before making a backup.

The time when the false steps took place coincided with the collapse of the FTX and the increased measures of application of the dry against the exchanges of crypto, which included Coinbase.

The dry led by Gensler dragged his feet in case Coinbase says

The Coinbase deposit comes after the SEC held a legal action against the company in 2023, alleging that it directed “an exchange, a broker and an unregistered compensation agency”. In February, this case was abandoned in principle and was officially rejected a week later.

The Coinbase legal affair was one of the many prosecution that the SEC led by Gensler has engaged against companies operating in cryptographic space, accusing them of treating unregistered titles.

During the trial, Coinbase had filed requests from Foia in July and August 2023 “to try to shed light on the opinions of the dry on the way in which the laws on securities apply to digital assets.”

However, the SEC “replied by issuing general refusals of these requests under exemption 7 (A)” instead of collecting all text messages between peopleler and other civil servants who could have shown the thought of the dry at the time, according to the deposit.

When History Associates filed another action concerning the files in June 2024, the SEC practically abandoned exemption 7 (A) and said that it needed an additional three years to start making the Foia review, “said Coinbase and History Associates.

“He aggravates things, the dry then dragged his feet at each stage of this case,” they added, arguing that the agency has sacked very well that the messages have been deleted.

Coinbase wants the dry to be held at the same level they used to inflict companies on millions of dollars

Coinbase says that the loss of text messages means that the real extent of “the partition of the dry” will never be known.

“SEC has inflicted more than a billion dollars in fines on private parties to preserve text messages related to titles and similar communications in recent years,” Coinbase wrote in the file.

The exchange added that these fines flowed from the argument of the dry according to which “everyone should play by the same rules” and be held responsible for violating the requirements for the holding of files.

Coinbase now wants the agency to be “held to its own standard”.

Coinbase legal director Paul Grewal said on X that the last file had been made to ask the Federal Court to fight against the “raw violation of the public’s public confidence in order to ensure that it will never happen again”.

Legal Coinbase Chief wants to approach the “raw violation” (source: X))

The position of dry cryptography changes after the release of peopleler

After US President Donald Trump took office, Gensler announced his resignation. Since then, the position of the dry towards digital assets seems to have pivoted, mainly due to the pro-Crypto Trump administration.

As part of this change of position, the SEC has dropped several large -scale proceedings against American societies operating in cryptographic space, as well as the rejection of the agency’s affair against Coinbase.

The new president of the SEC, Paul Atkins, also unveiled the agency’s “Project Crypto” initiative, which aims to modernize securities regulations and allow American financial markets to move in chain.

The SEC has also published new guidelines on the stake and said that certain features are not considered as values ​​of securities. These stimulus activities include solo, delegated development and certain commissioning arrangements.

Towards the end of July, the agency also approved the orders to authorize the creations and redemptions in kind of the shares by participants authorized for ETP Crypto (products negotiated on the stock market). Before that, Bitcoin and Ethereum ETPS spots were limited to “cash” buyouts.

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