SEC seeks 4-month extension for fact discovery in Coinbase lawsuit

The US Securities and Exchange Commission (SEC) has requested a four-month hold to implicit information find successful its suit against Coinbase.

In a missive submitted to Judge Katherine Polk Failla connected Sept. 18, the SEC asked to determination the existent find deadline from Oct. 18 to Feb. 18, 2025. The bureau said the hold would let it to reappraisal a important measurement of further documents.

Extension request

In its letter, the SEC highlighted its ongoing efforts to comply with the court’s find requirements, noting that it has produced “hundreds of thousands” of documents for Coinbase. The regulator added that it is presently pursuing a tribunal bid and reviewing an further 133,582 unsocial documents.

The SEC reached an statement with Coinbase regarding the hunt presumption and custodians for the review. However, the bureau noted that it requires much clip to implicit the task and highlighted that this marks the archetypal specified petition successful the case.

The SEC’s petition besides included a connection to amend the Civil Case Management Plan, extending each consequent deadlines by 4 months. The hold would interaction aboriginal proceedings successful the case, including cardinal deadlines related to motions and proceedings preparations.

Coinbase has consented to some extensions, which would springiness some parties further clip to hole for the adjacent signifier of the lawsuit.

SEC vs. Coinbase

The suit betwixt the US Securities and Exchange Commission (SEC) and Coinbase began successful June 2023, erstwhile the SEC accused the speech of operating arsenic an unregistered securities broker.

The SEC claimed that respective integer assets offered connected Coinbase’s level were unregistered securities, violating US securities laws. The lawsuit is based connected the Howey Test, a ineligible model utilized to find what constitutes a security.

Coinbase has disputed the SEC’s claims, arguing that the assets connected its level bash not conscionable the explanation of securities and that the institution complies with existing laws. The lawsuit has progressive extended find efforts, with some parties agreeing to multiple papers reviews.

Coinbase has besides filed a question to disregard the SEC’s lawsuit, arguing that the watchdog’s claims deficiency merit and that the bureau is overreaching successful its regulatory authorization implicit cryptocurrencies. The speech further argued that the SEC has failed to supply the indispensable clarity connected which integer assets autumn nether securities law.

This lawsuit is seen arsenic a cardinal ineligible conflict successful the regularisation of cryptocurrencies successful the US and, depending connected its outcome, could person wide implications for the industry.

The station SEC seeks 4-month hold for information find successful Coinbase lawsuit appeared archetypal connected CryptoSlate.