Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Coinbase => Topic started by: Sophie Robert on June 30, 2023, 12:44:19 PM
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The court hearing for the ongoing lawsuit between Coinbase and SEC has been moved up to July 13 due to a creative strategy by Coinbase. The exchange filed its first response 40 days before the August 7 deadline, prompting an early hearing. The SEC will present its response on July 13, when Judge Katherine Polk Failla will decide if Coinbase is allowed to proceed with a motion for judgment on the pleadings. Coinbase claimed that many of the tokens in question fall outside the SEC’s scope. The outcome of this lawsuit could have a significant impact on the crypto industry as a whole.
https://twitter.com/iampaulgrewal/status/1674271484263661569 (https://twitter.com/iampaulgrewal/status/1674271484263661569)
The Countdown Begins: SEC’s Deadline Brought Forward
According to the court decision issued on Thursday, the SEC will now need to respond to Coinbase's legal arguments by July 13. Thanks to Coinbase's determination to submit its answer well in advance of the August 7 deadline, this has happened much sooner than previously anticipated.
Coinbase’s Stand Against SEC’s Complaint
In response to the SEC’s complaint, Coinbase has crafted a multifaceted defense, arguing primarily that the tokens in question are outside the SEC’s jurisdiction. This bold assertion forms the cornerstone of their defense, and it’s a point they are eager to have resolved.
Unusual Tatic
MetaLawman, a lawyer and Twitter legal commentator shed some light on this tactic in a tweet thread, explaining that a motion for judgment on the pleadings allows a judge to consider other pleadings filed in the case, including the defendant’s answer to the complaint.
https://twitter.com/MetaLawMan/status/1674550165368107009 (https://twitter.com/MetaLawMan/status/1674550165368107009)
To be Noted - Coinbase, at the time of reporting, has not responded to requests for further comment.