Coinbase Chief Legal Officer: SEC blocks Coinbase from obtaining Gary Gensler's communications documents

Paul Grewal, chief legal officer of Coinbase, said in a post on X that the issues of Chevron and Binance BNB secondary sales have been clarified, but in Coinbase's lawsuit, the US SEC prevented Coinbase from obtaining access to Gary Gensler's communication files. In March 2021, Gary Gensler told the US Congress that the SEC lacked regulatory authority over digital asset exchanges, confirming the long-standing view of market participants that digital asset transactions traded on these exchanges are not subject to securities law. Coinbase has asked Gary Gensler to provide documents about these communications because they are related to revealing how the SEC's enforcement actions violate the constitutional due process requirements, but the SEC and Gary Gensler have tried to prevent these documents from being exposed. Coinbase said it looks forward to dealing with this issue with the court. Earlier news, the US Supreme Court overturned the Chevron Deference. Chevron Deference is an administrative law in the United States that gives federal agencies the power to make decisions when a law is ambiguous. With its overturn, the US SEC and federal agencies may no longer have the ability to make rules.