Key Takeaways:
- Judge’s Skepticism: Judge Katherine Polk Failla is doubtful about Coinbase’s request for SEC Chair Gary Gensler’s private communications.
- Discovery Phase: Coinbase seeks communications from Gensler dating back to 2017, as part of the discovery in the SEC’s enforcement action.
- Hearing Details: Judge Failla has requested both parties to submit letters by July 15 for further discussion on the matter.
A federal judge, Katherine Polk Failla, is overseeing the SEC’s case against Coinbase and has expressed skepticism about allowing Coinbase to access SEC Chair Gary Gensler’s private communications.
Coinbase’s lawyers argued for access to Gensler’s personal device communications due to the SEC’s lack of transparency regarding his interactions with market makers.
U.S. District Judge Katherine Polk Failla of New York rejected Coinbase’s request to subpoena U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler during a hearing on Thursday.https://t.co/dgE58gL5iN#us #districtjudge #katherinepolkfailla #newyork #coinbase…
— FinanceFeeds (@FXFinanceFeeds) July 11, 2024
The SEC’s legal team opposed this, stating Gensler is neither a fact witness nor an expert in this case.
During a July 11 hearing, Judge Failla acknowledged Coinbase’s arguments but was concerned about the burden of investigating Gensler’s past statements before he became SEC chair.
She requested both parties to file letters by July 15 to further discuss the matter.
This subpoena request is part of the discovery phase in the SEC’s enforcement action against Coinbase, alleging it operated as an unregistered securities broker since 2019.
Coinbase’s discovery request seeks communications from Gensler dating back to 2017.
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