In a motion to compel discovery, Coinbase had requested access to the SEC’s investigation file for a number of tokens listed on its platform, including Bitcoin, Ethereum, and Litecoin. However, the SEC claimed that some of the tokens listed on the platform constituted securities, a decision that Coinbase argues is not supported by the evidence. 
Coinbase’s lawyers argued that the SEC’s refusal to produce discovery documents was unjustified and violated the federal rules of civil procedure. They also claimed that the SEC’s position on the tokens was not supported by the evidence and that the regulator was not entitled to withhold the documents because of a supposed ‘duty of confidentiality’.
In response, the SEC claimed that the tokens in question were securities and that disclosing the information would violate the confidentiality of its investigation. However, the judge overseeing the case did not agree, ruling that the SEC had waived its privilege by making public statements about its investigation.
The decision is a partial victory for Coinbase, as the court did not grant the company full access to the SEC’s investigation file. However, it does represent a step forward in the ongoing legal battle between the two parties over the regulation of cryptocurrencies. 
The case is likely to have significant implications for the future of cryptocurrency regulation in the United States and could potentially set a precedent for other cases involving the SEC and cryptocurrency exchanges. As the legal landscape continues to evolve, it will be interesting to see how this case develops and how it could impact the broader cryptocurrency market.