Coinbase CLO Paul Grewal Questions SEC’s Updated Disclaimer Language By CoinEdition

• Coinbase’s CLO raises questions about the SEC’s modified disclaimer language.
• The modification was in response to the Lab’s discovery dispute.
• The change aims to establish a stronger connection between remarks and agency positions.

Coinbase’s chief legal officer (CLO), Paul Grewal, recently drew attention to the United States Securities and Exchange Commission’s (SEC) modified disclaimer language in response to a discovery dispute with Ripple Labs.

Grewal expressed curiosity about the relationship between avoiding discovery and the absence of a clear agency position, decision, or policy. Grewal’s comments were prompted by law professor Ben Edwards, who highlighted the SEC’s recent alteration.

A key insight from Professor @BenPEdwards. But I wonder: how can statements “relate to some form of agency position, decision, or policy” when it comes to avoiding discovery, but NOT relate to whether an agency has a taken a position, made a decision, or adopted a policy at all? https://t.co/jAihqnTHdx

— paulgrewal.eth (@iampaulgrewal) May 26, 2023

However, with the recent update to the disclaimer language, the law professor believes it now becomes easier to establish a connection between the remarks and the agency’s position or policies.

Consequently, Coinbase’s CLO raised an important question, pondering how statements could avoid discovery if they did not relate to any agency position, decision, or policy. He said:

I wonder how can statements relate to some form of agency position when it comes to avoiding discovery but NOT relate to whether an agency has taken a position, made a decision, or adopted a policy at all?

Notably, the SEC’s revised language signifies a notable shift in how agency officials present their views to the public.

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