"Gensler destroys key documents": Coinbase and SEC battle heats up

Coinbase accused the U.S. Securities and Exchange Commission (SEC) of destroying key documents, including text messages from former chairman Gary Gensler for nearly a year that were permanently deleted due to internal equipment policies. The exchange's chief legal officer Paul Grewal cited the SEC Inspector General's report as evidence, highlighting the SEC's credibility issues and asking the court to impose sanctions. As lawsuits surrounding unregistered securities are still ongoing, the deleted text messages, some of which are considered “task-related”, have raised concerns about SEC record keeping practices.