The United States Securities and Exchange Commission (SEC) has been granted an extension of two weeks to prepare its response to Coinbase’s legal defense. According to a court order issued on Thursday, the SEC will present its response on July 13.
In a recent filing, the SEC requested a three-business-day extension to adequately address the arguments put forth by Coinbase, the defendant in the case. Coinbase has agreed to this extension, allowing the SEC additional time to develop a comprehensive response to Coinbase’s defense letter.
The original deadline for the SEC’s response, as per Rule 4(A) of the court’s individual rules, was July 3, 2023. However, Judge Katherine Polk Failla approved the request for an extension, pushing the deadline to July 13.
Coinbase, on the other hand, has taken strategic measures in its defense. In a letter dated June 28, 2023, Coinbase requested permission to file a motion for judgment on the pleadings under Federal Rule of Civil Procedure 12(c) in response to the SEC’s complaint. This motion serves as a means for Coinbase to present its arguments for the dismissal of the case.
Notably, Coinbase had already submitted a detailed 177-page answer to the SEC’s complaint, well ahead of the August 7 deadline. The answer included a comprehensive “Preliminary Statement,” outlining the legal basis for Coinbase’s request for dismissal. Coinbase has presented a strong defense against the SEC’s allegations by providing substantial material for the judge to consider.
One of Coinbase’s primary arguments is that a significant portion of the tokens mentioned in the SEC’s complaint falls outside the jurisdiction of the commission. Coinbase asserts that the subject matter of the case exceeds the SEC’s authority.
Court reschedules pre-trial conference
In addition to granting the SEC an extension, the court has rescheduled the pre-trial conference to a pre-motion conference. Originally set for August 24, the conference will now take place on July 13 at 2:00 pm UTC. A pre-motion conference allows the prosecutor or defense attorney to request a ruling on a specific matter before the trial commences.
As the SEC prepares its response to Coinbase’s legal defense, this high-profile case continues to attract attention within the cryptocurrency industry. The outcome of this legal battle holds significant implications for both Coinbase and the broader regulatory landscape governing cryptocurrencies.
The court appearance on July 13, during which the SEC will present its response and the judge will decide on Coinbase’s motion for judgment on the pleadings, is eagerly anticipated. Stakeholders across the crypto sphere will closely monitor the proceedings, as they provide important insights into the future of regulatory frameworks surrounding digital assets.
