๐ฃ๐Crypto fans, listen up! In a recent hearing, Judge Katherine Polk Failla expressed doubts about Coinbase's attempts to subpoena SEC Chair Gary Gensler in the ongoing SEC case against the cryptocurrency exchange. ๐ฎ๐ฉโโ๏ธ
Coinbase's legal eagles have been trying to get their hands on Gensler's communications, including those made before his SEC Chair appointment in 2021. But Judge Failla wasn't buying it, calling their arguments speculative. ๐ค๐
Coinbase argued they couldn't get the necessary info from the SEC, hence the need for Gensler's pre-Chair communications. But Judge Failla wasn't convinced, urging Coinbase to rethink their strategy. ๐๐คทโโ๏ธ
Despite the setback, Coinbase stood their ground, insisting that Gensler's role in shaping public understanding of cryptocurrency justified their request. ๐ฏ๐ฃ๏ธ
The SEC's legal rep, Jorge Tenreiro, wasn't having it, calling the subpoena request intrusive and emphasizing that Gensler is neither a fact witness nor an expert witness on the law. ๐ซ๐จโโ๏ธ
In the end, Judge Failla directed Coinbase to proceed with a motion to compel, setting a deadline for further scheduling discussions with the SEC. ๐โณ
This dispute started in June when Coinbase requested documents and communications regarding Gensler's public comments on digital assets, platforms, and staking services from May 2021 to September 2023. ๐๐
Stay tuned, crypto enthusiasts! This legal tussle is far from over! ๐ฟ๐ฌ
