Coinbase Initiates Legal Action Against SEC Over Vanished Texts from Former Chair Gary Gensler

Coinbase, a prominent cryptocurrency exchange, has initiated legal proceedings against the U.S. Securities and Exchange Commission (SEC) concerning the disappearance of text messages belonging to the former SEC Chair, Gary Gensler. Coinbase alleges that these missing text messages could contain crucial information pertaining to the SEC’s stance on digital assets and their regulation. Coinbase contends that the SEC has not been transparent regarding internal communications conducted by Gensler during his tenure, and that this information is vital to understanding how the agency approaches the cryptocurrency industry. The legal action seeks to compel the SEC to produce any remaining records and messages that may be relevant to the case, asserting that the non-disclosure of this information impairs Coinbase’s ability to fully defend itself in ongoing legal proceedings. This move marks a significant escalation in the ongoing legal battle between Coinbase and the SEC, as the exchange seeks greater transparency into the agency’s regulatory decision-making processes. Coinbase hopes that these missing messages will help to shed light on the SEC’s position and provide greater clarity regarding the regulatory framework for digital assets.