Coinbase through the court demanded information from the CFTC to defend itself against the SEC lawsuit

What’s new? Crypto exchange Coinbase has asked a US federal court to order the Commodity Futures Trading Commission (CFTC) to turn over its correspondence with issuers of 12 tokens. Coinbase wants to use the data in its line of defense against a Securities and Exchange Commission (SEC) lawsuit that names the tokens as unregistered securities.

Court documents

What else is known? More than a year ago, the SEC accused Coinbase of operating without registering as a broker, exchange or clearing agency, as well as illegally offering securities under the guise of cryptocurrencies.

A total of 13 tokens mentioned in the SEC’s lawsuit include Solana (SOL), Cardano (ADA), Filecoin (FIL), The Sandbox (SAND), Axie Infinity (AXS), Chiliz (CHZ), Flow (FLOW), Internet Computer (ICP), Near (NEAR), Voyager (VGX), Dash (DASH), Nexo (NEXO), and Polygon. Polygon now has the ticker POL but was trading under the ticker MATIC at the time the lawsuit was

From that list, the CFTC has commiserated with 12 teams, and Coinbase believes the content of their conversations will help it defend itself in court. The exchange had previously unsuccessfully contacted the CFTC on its own twice, where they called the request vague and burdensome. Now, the exchange has decided to pursue obtaining the data through the courts.

It has also requested documents governing the authority of both the CFTC and SEC to regulate the crypto sector, emphasizing the uncertainty in the matter.

Coinbase officials say that this information is crucial to defending against the SEC’s charges, as it will establish whether nearly all the cryptocurrencies named in the lawsuit are securities as defined in the legislation.

Coinbase also noted that in the years leading up to the SEC’s lawsuit, both regulators actively engaged with issuers and other crypto market participants to convey their understanding of the industry and its regulatory status.

In June of this year, Coinbase sued the SEC and FDIC for refusing to provide crypto research data, the right to receive which is guaranteed under the Freedom of Information Act.