March 27, 2024
Latest Cryptocurrency News

SEC Granted Extension till July 13 to Respond to Coinbase’s Legal Defense

The United States Securities and Exchange Commission (SEC) is scheduled to present its response to Coinbase’s initial legal defense on July 13, as stated in a court order issued on Thursday, June 29.

The SEC filed a legal document requesting a three-business-day extension to adequately prepare a response to Coinbase’s letter. The defendants, Coinbase, agreed to this extension.

Previously, the deadline for the SEC to file its response to Coinbase’s letter was set for July 3, according to Rule 4(A) of the court’s individual rules. However, Judge Katherine Polk Failla granted the SEC’s request for more time, shifting the new date to July 13.

Additionally, the court rescheduled the pre-trial conference to a pre-motion conference, now taking place on July 13 at 2:00 pm UTC instead of the originally planned date of August 24. A pre-motion conference allows the prosecution or defense attorney to request a ruling on a specific matter before the trial.

Meanwhile, on June 28, Coinbase submitted a letter to the court seeking 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. Coinbase had previously filed a 177-page answer to the complaint 40 days before the initial deadline of August 7.

Regarding the motion for judgment on the pleadings, it is important to note that the judge has the authority to review additional pleadings, including Coinbase’s answer to the complaint. In its answer, Coinbase provided a comprehensive “Preliminary Statement” outlining its legal arguments for dismissing the case, offering substantial material for the judge’s consideration.

Coinbase has responded to the SEC’s complaint by asserting that many of the tokens mentioned in the case are beyond the scope of the commission’s jurisdiction.

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