tl;dr
Coinbase has filed a motion to compel the U.S. Commodity Futures Trading Commission (CFTC) to disclose communications with issuers of 12 tokens named in a lawsuit brought by the Securities and Exchange Commission (SEC). This follows a court order for the SEC to produce similar documents. Coinbase ar...
Coinbase Pushes CFTC in SEC Lawsuit: The Battle for Transparency in Crypto Regulations Coinbase has filed a motion to compel the U.S. Commodity Futures Trading Commission (CFTC) to disclose communications with issuers of 12 tokens named in a lawsuit brought by the Securities and Exchange Commission (SEC). This follows a court order for the SEC to produce similar documents. Coinbase argues that these communications are crucial for its defense in the ongoing lawsuit.
The exchange has offered to fund document review after the CFTC resisted a subpoena over token communications. The CFTC's failure to comply has led to legal action from Coinbase, which seeks cooperation for its defense.
Coinbase's motion comes after a court ordered the SEC to produce records of communications between the US SEC and the issuers of the 12 tokens in question. The SEC has accused Coinbase of listing these tokens without meeting the necessary requirements to be a securities exchange and states that the assets are unregistered securities under the Howey Test. Coinbase disputes this and seeks the same cooperation from the CFTC, referring it to their defense.
Despite the exchange’s efforts to narrow the scope of its request, the CFTC has resisted, citing concerns about relevance, burden, and privilege. Coinbase, as a result, pushed back, offering to cover the costs of searching and reviewing the materials, and arguing that the burden on the CFTC is reasonable given the significance of the case.
In the midst of its ongoing legal challenges, the exchange announced a scheduled system upgrade that will temporarily affect its platform. The upgrade is planned for Saturday and several services, including Simple and Advanced Trade, will be unavailable among others.
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