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US SEC v Coinbase Lawsuit Sees Unexpected Pause
The US Securities and Exchange Commission (SEC) has requested an extension of time to complete fact discovery in the ongoing lawsuit against Coinbase Inc and Coinbase Global Inc. The agency seeks to delay the deadline to complete fact discovery from October 18 to February 18 next year.
US SEC Delays Discovery in Coinbase Lawsuit
In a letter to Judge Katherine Faila, the SEC has submitted a proposed Revised Case Management Plan to extend the deadline. The agency claims that the SEC v Coinbase case has extensive discovery requirements, including producing hundreds of thousands of documents. The SEC asserts that defendants Coinbase Inc and Coinbase Global Inc have agreed to the requested extension.
SEC v Coinbase Lawsuit: What’s Next?
The SEC has faced multiple setbacks, including regret over using "crypto asset securities" in crypto cases, lawsuits and investigations on SEC Chair Gary Gensler, and loss in the Ripple case. The agency’s request for an extension has raised speculation about the outcome of the lawsuit.
Coinbase CLO Outlines Parallel Progress on Crypto Regulations
Coinbase CLO Paul Grewal has disclosed progress regarding the FOIA suit against FDIC to get the "pause letters" sent to financial institutions indicating that they debanked crypto firms. Grewal added that the Court has ordered them to give up a "Vaughn Index," a FOIA privilege log. Lawyer James Murphy, known as "MetaLawMan," agreed that applying more pressure would get the truth out regarding Operation Choke Point 2.0 by the regulators.
Conclusion
The SEC’s request for an extension in the Coinbase lawsuit has raised questions about the outcome of the case. The agency’s decision to delay the deadline for fact discovery may indicate that the case is more complex than initially thought. As the lawsuit continues, it will be important to monitor the developments and their implications for the crypto industry.
FAQs
Q: Why has the SEC requested an extension in the Coinbase lawsuit?
A: The SEC has requested an extension to complete fact discovery in the case, citing the extensive discovery requirements and the need for more time to review the documents.
Q: What are the implications of the SEC’s request for an extension?
A: The request for an extension may indicate that the case is more complex than initially thought, and may also raise questions about the outcome of the lawsuit.
Q: What is the current status of the SEC v Coinbase lawsuit?
A: The lawsuit is ongoing, with the SEC requesting an extension to complete fact discovery. The court has yet to rule on the request.
Q: What is the significance of the FOIA suit against FDIC?
A: The FOIA suit against FDIC is related to the Coinbase lawsuit and seeks to obtain documents related to the "pause letters" sent to financial institutions indicating that they debanked crypto firms.
