Coinbase wins small victory against the SEC

The recent ruling by a U.S. federal court could lead to "significant" revelations in Coinbase's case against the SEC.

The lawsuit between the US exchange watchdog and crypto trading platform Coinbase continues.

Lawyers at Coinbase may have access to documents from the SEC regarding the assessment of crypto tokens. This is according to court documents dated Sept. 5.

Judge Katherine Failla partially approved Coinbase's request for discovery. According to the crypto company's lead plaintiff, Paul Grewal, the documents could lead to "significant discoveries."

Coinbase claims the U.S. securities watchdog has failed to provide documents on "tokens and services, as well as the application of securities laws to digital assets." In addition, the company is asking for documents on its IPO and statements by SEC Chairman Gary Gensler on digital assets.

However, the SEC argues that Coinbase's requests are too broad and irrelevant to the case.

On the same day Coinbase achieved this partial success, the company suffered a minor setback in a parallel group lawsuit. A U.S. federal judge rejected an attempt by Coinbase to dismiss the case, according to Reuters.

In the case, some shareholders accused the platform of misleading them about potential risks from SEC actions. The federal judge ruled that the arguments were sufficient to warrant a lawsuit. Coinbase, however, showed confidence in winning the lawsuit.

Allegations of possible false statements about his own trading were rejected by the judge.