In the frostbitten corridors of federal justice, Coinbase has raised a ruckus worthy of a Tolstoyan quarrel, demanding sanctions against the SEC after discovering that a year’s worth of messages from Gary Gensler vanished like snowflakes in a bureaucratic oven. 🧊🔥
These deleted missives, spanning October 2022 to September 2023, coincided with crypto’s darkest hour-FTX’s collapse, enforcement actions, and the SEC’s own OIG report revealing a “pattern of evasion and delay” that would make a Soviet-era clerk blush. 🕵️♂️👀
A Dance of Accountability and Absurdity
Armed with the Freedom of Information Act, Coinbase’s legal team (History Associates, no less!) now accuses the SEC of violating public trust with a “gross violation” of record-keeping norms. The SEC, it seems, deleted Gensler’s texts-including chats on enforcement actions and speeches-under a device-wiping policy that reeks of a bureaucratic farce. 📱🗑️
Paul Grewal, Coinbase’s CLO, called the situation a “blatant double standard,” as if the SEC were holding private companies to impossible standards while exempting itself from basic decency. The court, presumably, is now tasked with untangling this web of excuses and delays. 🕸️⚖️
FOIA Fiascos and Digital Ghosts
Coinbase’s July 2023 FOIA requests about Ethereum were met with blank denials, as if the SEC had never heard of transparency. When the case went to court in June 2024, the SEC dawdled, asked for extensions, and finally began searching in April 2025-only to find most records already erased. 🕒💣
The OIG report, a document of such gravity it could make a librarian weep, revealed that 40 devices remain at risk of deletion, and 20+ officials’ messages may be lost. The SEC, it turns out, only searches texts when explicitly told and fails to inform requesters of deletions. A system, one might say, designed not to serve the public but to baffle it. 🧠🌀
Coinbase now pleads for an investigation into the “serious risk of further loss of evidence”-a risk that threatens not just their lawsuit but the fragile, flickering flame of public trust. One wonders: will the SEC’s next move be a press release, or a resignation? 🤷♂️📜
Read More
- Gold Rate Forecast
- Brent Oil Forecast
- Silver Rate Forecast
- SEI PREDICTION. SEI cryptocurrency
- Cardano ETF Drama: Will ADA Make You Rich or Just Confuse You? 🤔
- SPX PREDICTION. SPX cryptocurrency
- FET PREDICTION. FET cryptocurrency
- Crypto’s Fancy New Suit: Institutions Crash the Retail Party 🎩💼
- EUR USD PREDICTION
- GBP EUR PREDICTION
2025-09-13 00:01