Well, butter my biscuit and call me surprised! Coinbase, that plucky little crypto exchange, is up in arms-again. This time, they’re wagging their finger at the SEC, claiming the regulators have been playing a game of “now you see ’em, now you don’t” with text messages involving the erstwhile Gary Gensler. 🤠📱✨
On Thursday, Coinbase filed a legal motion-fancy talk for “we’re not letting this slide”-demanding a hearing to suss out why the SEC’s Inspector General found that nearly a year’s worth of Gensler’s texts had gone the way of the dodo. 🦖💨 Turns out, the SEC’s IT department had a case of the “oopsies” and deleted the messages before they could be backed up. Avoidable? You betcha. Intentional? Well, that’s for the courts to decide, ain’t it?
Coinbase is hollering that the SEC should’ve done a proper search of their records, including those elusive texts, when they were asked nicely (read: legally) via FOIA requests in 2023 and 2024. They want the court to force the SEC to cough up all the goods, especially those related to Ethereum’s shift to proof-of-stake. 🌍🔗 Because, you know, transparency is just a fancy word until someone’s feet are held to the fire.
“This Court’s intervention is warranted to determine whether the SEC has in fact violated the Court’s prior orders and to ensure that all available measures are taken to preserve and produce responsive records.”
Coinbase isn’t stopping there. They’re also angling for another hearing after all the documents are produced and reviewed, just to make sure the SEC doesn’t get off with a slap on the wrist. Attorney fees? Special Counsel investigation? They’re throwing the whole kitchen sink at this one. 🛠️💰
The SEC, bless their hearts, claims transparency is “paramount” to their operations. A spokesperson said Chairman Atkins was briefed and immediately ordered a deep dive into the matter. Sure, Jan. 🧐
Crypto companies have been howling for transparency from the SEC for ages, especially after the regulator’s crackdown on crypto projects sent many packing from U.S. shores. 🚀🇺🇸→🌍
SEC’s Great Text Message Disappearance Act 🎩🐇
According to the SEC’s Inspector General, Gensler’s texts from October 2022 to September 2023 were automatically deleted before they could be backed up. Oopsie-daisy! 🤦♂️💨 The SEC sued Coinbase in 2023, claiming they were playing fast and loose with securities laws. Coinbase fired back, demanding Gensler’s private emails, arguing they’d be a goldmine for their legal defense. 🏛️⚖️
So, here we are, folks. Another chapter in the never-ending saga of crypto vs. regulators. Will Coinbase get their texts? Will the SEC face the music? Stay tuned, because this circus is just getting started. 🎪🍿
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2025-09-12 20:08