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Judge rejects Coinbase's request to subpoena SEC chairperson to redevise plans

At Thursday's hearing, Judge Katherine Polk Failla of the District Court for the Southern District of New York rejected Coinbase's request to subpoena Securities Exchange Commission (SEC) Chairperson Gary Gensler for personal communications, asking him to re-devise plans and develop a briefing schedule. Previously in June, Coinbase told the SEC that it planned to subpoena SEC Chairperson Gary Gensler for personal cryptocurrency-related communications during his tenure and in the four years prior to his appointment as chairperson. Judge Faill said she was "actually quite surprised by the request made to Gensler in his personal capacity at the beginning of the hearing." Towards the end of the hearing, after both sides had explained their arguments, the judge still found Coinbase's request inappropriate, but asked the exchange to file a motion to force a formal process that would allow both sides to elaborate more deeply on their arguments.