In a recent hearing, Judge Katherine Polk Failla expressed doubt over Coinbase's efforts to subpoena SEC Chair Gary Gensler in the ongoing SEC case against the crypto exchange. Coinbase has been attempting to acquire Gensler's communications, including those made before his tenure as SEC Chair. The judge found Coinbase's arguments speculative and urged them to reconsider their approach.

Coinbase's legal team argued that they could not obtain necessary information from the SEC, which led them to include Gensler's pre-Chair communications to bolster their fair notice defense. However, Judge Failla dismissed this argument, advising Coinbase to "cut your losses and go to your second point."

The SEC's legal representative, Jorge Tenreiro, argued against the subpoena, stating that it was intrusive and that Gensler was neither a fact witness nor an expert witness on the law. Coinbase countered by citing a case where the Ripple court ordered the discovery of communications from 19 custodians, including then-Chair Jay Clayton.

Despite the ongoing legal battle, the market remains optimistic about the future of DeFi and BRC 20. The outcome of this case could have significant implications for the crypto industry, particularly in terms of regulatory oversight and transparency.