Coinbase is making a significant move in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), as detailed in a recent report from The Block. The cryptocurrency exchange has filed a request with the U.S. District of Columbia Federal Court, aiming to compel the SEC to disclose crucial documents regarding the applicability of securities laws to digital assets. This stems from a lawsuit initiated by Coinbase in June, which accused the SEC of non-compliance with the Freedom of Information Act (FOIA).
The focal point of Coinbase’s request is the internal and external communications surrounding the SEC’s pivotal investigation into whether certain cryptocurrencies, particularly Ethereum, can be classified as securities. Initially, the SEC rejected the notion of providing these documents, asserting an exemption from FOIA. However, recent statements suggest this position might be changing, although the SEC has indicated that compiling the requested documents could take up to three years.