SEC Sets Date for Response to Coinbase’s Initial Legal Argument
The United States Securities and Exchange Commission (SEC) has set July 13 as the date for their response to Coinbase’s initial legal argument, as per a court order issued on June 29.
In a legal document filing, the SEC asked the court for a three-business-day extension in order to have sufficient time to create a response to the letter sent by Coinbase, the defendant. The defendants have consented to the request.
The SEC’s response to Coinbase’s letter was initially due on July 3, 2023, as per Rule 4(A) of the court’s individual rules. Nevertheless, Judge Katherine Polk Failla granted the SEC an extension and set the new deadline as July 13.
The court changed the pre-trial conference to a pre-motion conference, setting it for July 13 at 2:00 pm UTC instead of its original date of Aug 24. A pre-motion conference is a request from either the prosecutor or defense attorney to the court for a ruling on a certain matter before the trial.
Coinbase Requests Permission to File Motion for Judgment on the Pleadings
In the interim, Coinbase submitted a letter to the court on June 28, 2023, requesting permission to file a motion for judgment on the pleadings in accordance with Federal Rule of Civil Procedure 12(c). This motion was filed in response to the SEC’s complaint. Coinbase had already filed a 177-page answer to the complaint 40 days prior to the Aug. 7 deadline.
U.S. House committee chairs and the Blockchain Association have increased pressure on SEC Chairman Gensler.
In the case of a motion for judgment on the pleadings, it is noteworthy that a judge has the right to review any additional pleadings submitted, including the defendant’s response to the complaint. Coinbase’s response included an extensive “Preliminary Statement” outlining its legal reasons for dismissal, thus providing the judge with a great deal of material to evaluate.
Coinbase has argued against the SEC’s complaint by claiming that a large portion of the tokens referenced in the SEC’s case are outside of the SEC’s authority.
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