A recent court ruling has granted the U.S. Securities and Exchange Commission (SEC) an extension to produce documents related to its legal battle with popular crypto exchange Coinbase. The SEC initially filed a lawsuit against Coinbase in June 2023, alleging violations of securities laws such as selling unregistered securities and operating an unregistered exchange/broker agency.
Coinbase had requested the court to compel the SEC to search for and provide documents related to its past communications with cryptocurrency issuers. The exchange also raised concerns about the SEC’s document retention practices. In response, District Judge Katherine Polk Failla partially granted Coinbase’s motion, prompting the SEC to request a four-month extension for fact discovery, pushing the deadline from October 18th to February 18th. The SEC cited the review of over 133,000 unique documents as the reason for needing more time to comply with the court’s order. Judge Failla approved the deadline extension on Thursday.
In addition to the ongoing legal battle with the SEC, Coinbase filed a counter-lawsuit against the SEC and the Federal Deposit Insurance Corporation (FDIC) in June. The exchange accused the regulators of overstepping their authority, attempting to stifle innovation in the crypto industry, and evading Freedom of Information Act (FOIA) requests.
As the legal saga continues, it is clear that both Coinbase and the SEC are gearing up for a protracted legal battle that could have far-reaching implications for the cryptocurrency industry. Stay tuned for further updates on this developing story.
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(Image Source: Midjourney)