As an analyst with over two decades of experience in financial markets and regulatory affairs, I find myself constantly intrigued by the dance between innovation and regulation. The latest move by the SEC to extend the fact discovery deadline in its lawsuit against Coinbase is yet another example of this dynamic.
Recently, the U.S. Securities and Exchange Commission (SEC) has asked the court for more time to fulfill the fact-finding obligations in its lawsuit against Coinbase. This request aims to push back the deadline by approximately four months, with the revised deadline falling post the U.S. elections.
SEC Requests Extension For Fact Discovery Deadline
On Wednesday, the Securities and Exchange Commission asked for more time to finish the evidence-gathering phase in its lawsuit against Coinbase Inc. and Coinbase Global Inc. In a letter to Judge Katherine Polk Failla, the American regulatory body also requested an extension to modify the existing Case Management Plan and scheduling order.
The document indicated that the defendants consented to the prolongation, noting furthermore that neither side has sought an extension of time for concluding the fact-finding phase in the SEC vs. Coinbase court case.
The Securities and Exchange Commission (SEC) emphasized that they had put in significant work during the investigation, amassing hundreds of thousands of documents to meet the necessary requirements. Yet, they contended that the court also instructed the U.S. regulatory body to examine further documents “in response to Defendant’s Motion to compel.
Due to the agreement with Coinbase, the order necessitated a thorough examination of numerous fresh documents pertaining to “search and review of possibly relevant materials.” As a result, the SEC believes that extending the deadline by four months will provide enough time to fulfill this order.
As a crypto investor, I understand that in accordance with our agreement, the Securities and Exchange Commission (SEC) is conducting a thorough review of over 133,000 unique documents. To ensure compliance with the Court’s order, they’ve requested an extension, which will provide them sufficient time to complete this extensive task. This extension request was recognized as necessary for a comprehensive fact discovery in ECF No. 161.
The change pushes back the due date from October 18, 2024, to February 18, 2025, and this adjustment will influence other deadlines in the case as well. Consequently, the letter aims to delay the affected deadlines by four months each.
Coinbase Continues Fights Against US Regulators
Furthermore, Paul Grewal, Chief Legal Officer at Coinbase, recently shared updates regarding their lawsuit under the Freedom of Information Act (FOIA) against the Federal Deposit Insurance Corporation (FDIC). In a recent post, Grewal mentioned that there has been advancement in obtaining the letters sent to financial institutions which apparently advise them to stop dealing with cryptocurrency companies.
Coinbase’s CLO mentioned that the court demanded them to provide a “Vaughn Index,” which is similar to a log detailing exemptions in response to Freedom of Information Act (FOIA) requests. To Grewal, this is a significant advancement for the cryptocurrency community: “Little by little, we’ll uncover the facts behind Chokepoint 2.0,” he said.
Lawyer James Murphy, who goes by MetaLawMan, expressed enthusiasm about increasing scrutiny on regulators since it could potentially complicate the administration’s argument that there isn’t a version 2.0 of Operation Chokepoint.
A significant number of local residents shared similar views, expressing their discontent towards U.S. regulatory bodies. Similarly, Murphy voiced his criticism towards the U.S. Congress, claiming they were neglecting their duties, and posed a question as to why “a publicly-traded company is expected to carry out the oversight responsibilities of Congress.
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2024-09-20 11:41