The SEC filed a lawsuit against Coinbase in June 2023, accusing the company of operating as an unregistered securities exchange, broker, and clearing agency. Since then, Coinbase has been engaged in a legal struggle to compel the SEC to provide documents that it claims are essential for its defense. The exchange's chief legal officer, Paul Grewal, expressed optimism about the court's order, indicating that it would lead to the SEC producing important materials for the civil case.