Coinbase Adjusts SEC Subpoena to Focus on Gensler's Private Comms During Term

Coinbase has adjusted its subpoena on US Securities and Exchange Commission (SEC) Chair Gary Gensler to seek his private communications while serving as chair and not before.

In June, Coinbase told the SEC that it planned to subpoena Gensler's personal communications related to crypto over the duration of his term as chair, as well as four years before his appointment.

Later that month, the SEC described the subpoena request as an "improper intrusion" into Gensler's private life.

"Given also the utter lack of relevance of the requested documents, and the potential chilling effect on public service, the Court should quash the Subpoena and issue a protective order," lawyers for the SEC argued.

Coinbase then responded on 3 July by saying the subpoena was valid because Gensler is "not only the most prominent regulator but also the most vocal academic commentator, concerning the regulatory status of digital assets and exchanges."

Judge Katherine Polk Failla, of the District Court for the Southern District of New York, said she was "sort of surprised and not in a good way" about Coinbase's subpoena request.

Failla then told Coinbase to file a motion to compel for a formal proceeding, through which both parties can state their arguments in more depth.

In an updated filing, Coinbase said it will now only seek communications during his term following the judge's reluctance.

“With respect to the subpoena to Mr. Gensler, Coinbase has determined to seek the production of Mr. Gensler’s documents only for the period of his tenure as Chair of the SEC,” Coinbase stated.

Coinbase must submit its opening brief for the motion to compel by July 23 and the SEC has until August 5 to file a response.

Meanwhile, Coinbase's stock price soared more than 11% in trading yesterday.