Details of Coinbase's interactions with the SEC are unveiled through FOIA requests, revealing key discoveries.
Analyzing FOIA Documents
Coinbase has ramped up efforts to obtain documents via FOIA, directing requests to multiple government agencies. Chief Legal Officer Paul Grewal has shared preliminary findings that raise questions about the SEC's consistency and preparedness in their interactions with Coinbase and the cryptocurrency space.
Recognition of a Regulatory Gap
Among the key findings, Grewal highlighted an internal SEC email from 2019 acknowledging a 'regulatory gap' related to cryptocurrencies. This calls into question SEC's assertions that existing laws sufficiently cover the landscape of digital assets.
Ambiguity Surrounding Ethereum
Grewal also emphasized a request from the New York Attorney General's office urging the SEC to support an argument that Ethereum should be treated as security. However, the SEC did not respond, highlighting continued ambiguity over Ethereum's status.
The revelations from FOIA requests expose critical aspects of the SEC's functioning and its approach to cryptocurrency regulation, indicating a need for clearer rules.
