YEREVAN (CoinChapter.com) — The U.S. Securities and Change Fee (SEC) has requested a four-month extension to supply over 133,000 paperwork in its lawsuit in opposition to Coinbase. Initially, the regulator was anticipated to ship these paperwork by October 18, 2024, nevertheless it now seeks till February 2025. This request follows Coinbase’s partial victory in a movement to compel the SEC to supply detailed details about its utility of securities legal guidelines to tokens.
In a submitting made on September 18 with the U.S. District Court docket for the Southern District of New York, the SEC defined the quantity of paperwork and emphasised its want for extra time. Consequently, the company outlined the intensive nature of the documentation concerned, underlining the complexity of the invention course of required for thorough evaluation.
“The SEC is undertaking a review of at least 133,582 unique documents,”
the submitting said, emphasizing the scope of the duty forward.
Fee Faces February 2025 Deadline for Paperwork
Ought to Choose Katherine Failla approve the SEC’s request, the brand new deadline for producing paperwork would change into February 18, 2025. This delay would additionally push again the timeline for knowledgeable discovery to April 22, 2025. Discovery, the method of exchanging proof between events, performs a essential position in shaping the case and figuring out what the courtroom will take into account.
This extension might delay a jury trial till 2025, additional prolonging the authorized battle between Coinbase and the SEC. In consequence, either side will face an extended anticipate a decision as they navigate the complexities of the case.
SEC Expands Crypto Crackdown with Coinbase Lawsuit
The SEC’s case in opposition to Coinbase is a part of a broader effort to manage the cryptocurrency business. Consequently, the SEC has initiated a number of lawsuits in opposition to exchanges, accusing them of providing and promoting unregistered securities. In 2024, Ripple Labs settled a case with the SEC, paying $125 million, and Terraform Labs agreed to a $4 billion settlement over related prices.
Moreover, different main exchanges like Binance and Kraken are additionally dealing with enforcement actions from the SEC. Because the regulator intensifies its concentrate on the crypto sector, its method beneath Chair Gary Gensler has come beneath scrutiny. On September 18, members of the Home Subcommittee on Digital Property, Monetary Know-how, and Inclusion engaged in a debate over whether or not the SEC’s dealing with of crypto instances has been overly politicized.
Furthermore, the way forward for cryptocurrency regulation would possibly change based mostly on the 2024 U.S. elections’ outcomes. A change in management on the SEC might alter the regulator’s method to crypto enforcement. For now, the SEC continues its authorized battles with main crypto corporations, together with Coinbase.