The latest development in the lawsuit of the United States Securities and Exchange Commission (SEC) versus cryptocurrency exchange Coinbase comes as a date is confirmed for the two parties to voice their initial arguments.
On July 24, Coinbase’s chief legal officer Paul Grewal tweeted the news of New York judge Katherine Polk Failla approving the joint request from the SEC and Coinbase to proceed forward with hearings.
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) July 23, 2023
The initial document submitted by the two 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.
However, no agreement was reached on a deadline for the SEC’s opposition brief, to which Coinbase proposed 30 days after its opening motion and brief and the SEC proposed 60.
Judge Failla responded by an approval granted “in part,” which included Coinbase’s deadline of Aug. 4 for the initial brief and Aug. 11 for supporting documents.
She also went forward and settled the disagreement over a date for the SEC’s opposition brief, which is to be due on or before Oct. 10, 2023, with Coinbase’s reply by Oct. 24 or sooner.
As a response to the lawsuit, on July 14, Coinbase announced that it will be pausing the ability of customers in California, New Jersey, South Carolina and Wisconsin from staking additional assets until “further notice.”
The SEC’s case against Coinbase is one only of the crypto-related lawsuits it is involved in, with its Ripple Labs lawsuit being of hot topic in the industry.
According to a July 17 report, Brian Armstrong, the CEO of Coinbase, reportedly plans to meet with lawmakers in the U.S. to discuss legislation of digital assets and other similar topics.