Coinbase vs. SEC: Judge bepaalt het schema

• Rechter Katherine Polk Failla heeft het schema opgesteld voor de Coinbase vs SEC-rechtszaak. 
• De uitwisseling moet uiterlijk op 4 augustus een openingsbriefing en ondersteunende documenten op 11 augustus indienen. 
• De SEC heeft 60 dagen gevraagd voor zijn briefing, maar de rechter heeft slechts 30 dagen gegeven.
• De SEC moet de openingsopdracht op 3 oktober presenteren en de ondersteunende documenten op 10 oktober. 

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The tension between the United States Securities and Exchange Commission (SEC) and crypto exchanges operating in the country is at an all-time high. Interestingly, the only exchange to go public in the US, Coinbase, is set to present its opening brief in the lawsuit filed by the regulator earlier this year, on August 4. This marks the federal agency’s second major lawsuit after American payments platform Ripple. 

Per 24 juli na on social media platform Twitter, which has rebranded to X, Coinbase Chief Legal Officer Paul Grewal, Judge Katherine Polk Failla have set the schedule for briefing on Coinbase’s motion for judgment on the pleadings. The two parties will be able to voice their concerns starting August 4, with the crypto exchange presenting the initial arguments.

Judge Failla has issued a scheduling order for our Rule 12(c) motion for judgment on the pleadings. We appreciate the Court's prompt attention to this matter. pic.twitter.com/XhR4hy0FDf

— paulgrewal.eth (@iampaulgrewal) 23 juli 2023

The documents shared by Grewal confirm that the initial documents submitted by both parties highlighted that an agreement was concluded for Coinbase’s motion and opening brief to be due on Aug. 4, 2023, along with time frames for various subsequent supporting documents and responses and the respective length of the documents. 

Interestingly, no deadline was reached for the SEC’s opposition brief because the SEC proposed 60 days, while Coinbase proposed 30 days after the opening motion and brief by the crypto exchange. The presiding judge responded with an approval granted “in part,” approving the crypto trading platform’s deadline of Aug. 4 for the initial brief and Aug. 11 for supporting documents.

It is also crucial to note that Judge Failla also settled the disagreement over a date for the SEC’s opposition brief, which is to be due on or before October 3, 2023. The SEC has to submit supporting documents by Oct. 10. On the other hand, the reply to the same from Coinbase’s side needs to come on or before Oct. 24.

SEC v @ Coinbase update.

Judge Failla has set the schedule for briefing on Coinbase's motion for judgment on the pleadings.

4 augustus: openingsbriefing van Coinbase
11 aug: Amicus informeert over Coinbase
3 okt: SEC-oppositiebriefing
10 okt: Amicus-briefing ter ondersteuning van SEC
Oct 24: Coinbase… https://t.co/UKQBds1mrg

— MetaLawMan (@MetaLawMan) 24 juli 2023

Interestingly, this qualifies as a “fast schedule” for a lawsuit of a large proportion in the District Court of the Southern District of New York (SDNY). Moreover, the SEC asked for 60 days to prepare for a response, but the judge only gave 30. An oral argument on the motion will be scheduled for sometime after October 24.

As per an earlier report, crypto firm Ripple partially won the case against the SEC, and CEO Brad Garlinghouse slammed the regulator’s “regulation by enforcement” approach to crypto regulation, adding that it was slecht voor de industrie en kwetsende crypto-retailinvesteerders.

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