Coinbase Wins Lawsuit, Reveals SEC Deleted Gensler's Communication Records
Coinbase's Chief Legal Officer Paul Grewal disclosed that the SEC deleted a whole year's worth of communication records during Gensler's crackdown on cryptocurrencies.
The FDIC attempted to secretly sever the entire legitimate cryptocurrency industry’s ties to the banking system and cover up evidence.
Coinbase won the lawsuit and obtained a large amount of information under FOIA, becoming one of the largest public information rulings in the history of the two agencies.
Source: Public Information
ABAB AI Insight
Paul Grewal has led multiple regulatory lawsuits since joining Coinbase and has publicly challenged the SEC's enforcement approach towards the cryptocurrency industry. This disclosure continues Coinbase's path of promoting regulatory transparency through legal means.
On the capital front, Coinbase mobilizes legal resources and the FOIA mechanism to combat regulatory agencies, successfully forcing the government to disclose internal records. The motivation is to reduce policy uncertainty in the industry, strategically advocating for a more predictable regulatory environment for crypto companies while protecting the interests of users and shareholders.
This event is similar to the long-standing tug-of-war between tech companies and regulators in the fields of data privacy and antitrust. The current U.S. cryptocurrency industry is at a critical stage of pushing for regulatory rule reconstruction through judicial means.
Structural Judgment: Essentially, this belongs to regulatory change. Coinbase's victory exposes the lack of transparency in the internal operations of regulatory agencies, and through judicial and freedom of information mechanisms, it forces an increase in government accountability. This change is gradually shifting from passive response to actively shaping a regulatory framework that is conducive to innovation.
ABAB News · Law of Cognition
- Transparency is the best regulation; concealment is the greatest risk.
- Legal weapons are more enduring than lobbying.
- If regulators do not follow the rules, they will ultimately be bitten by the rules.