Coinbase Takes FOIA Legal Battle With US SEC One Step Further

Coinbase has chosen a legal push in order to retrieve some information from the US SEC on Federal Of Information Act grounds

Coinbase Global Inc. has intensified its legal battle with the Securities and Exchange Commission (SEC). The legal battle centers on the SEC’s internal communications about how it views cryptocurrency and whether it considers all assets securities. This legal battle unfolds in ongoing disputes between Ripple Labs,  Crypto.com, and the SEC.

Coinbase Fights for Crypto Transparency

Coinbase recently hired History Associates Inc., a research firm, to retrieve an important document from the SEC through the Freedom of Information Act (FOIA). 

If retrieved, the documents could provide valuable insight into how the agency reached its conclusion on cryptocurrencies. This particularly hinges on its stance on Ethereum (ETH) as a possible security. 

Meanwhile, the regulatory agency clarified that Ethereum’s counterpart, Bitcoin is a commodity and not a security. Despite Coinbase’s FOIA request, the SEC had initially denied access. It cited an ongoing investigation as the reason for withholding the information. 

History Associates has now taken a legal route, showing unwillingness to accept the SEC’s excuse. The legal team is preparing to ask a federal court for a ruling that would force the SEC to release the requested materials. 

This comes after the SEC hinted that its original justification for holding back the documents may no longer apply. This statement made Coinbase and its representatives to press forward on the case.

A Broader Battle with the SEC

Coinbase’s legal struggles with the SEC go beyond this FOIA case. The exchange has faced many challenges from the agency, including a major enforcement action accusing it of operating as an unregistered securities business. 

Coinbase has also petitioned the SEC to establish clearer, crypto-specific regulations; this request has yet to be addressed. The fight for SEC documents is part of Coinbase’s broader strategy to push for regulatory clarity in the U.S. crypto market. 

With such clarity, Coinbase and other industry players can handle uncertainty about which assets qualify as securities and what rules they must follow. The crypto community is watching the outcome of this case.

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