SEC Gains Extension to Respond to Coinbase’s Legal Defense

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Upon the new ruling, SEC now has two weeks to prepare its response to Coinbase’s letter.

The United States Securities and Exchange Commission (SEC) is preparing to present its response to the legal defense put forth by Coinbase on July 13th.

According to the court order issued on June 29th, the SEC has submitted a request to the court asking for a three-business-day extension to give it sufficient time to develop a comprehensive response to the defense letter from Coinbase.

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Coinbase, the defendant in this case, has agreed to this extension request.

The initial deadline for the SEC’s response submission, as stated by Rule 4(A) of the court’s individual rules, was July 3rd, 2023. However, this date has now been moved to July 13th following the approval of the extension request by US District Judge Katherine Polk Failla.

In addition to the change of response date, the court also brought forward the pre-trial conference to July 13th at 2:00 pm UTC, converting it into a pre-motion conference.

This is typically a plea made by the defense attorney or prosecutor to the court for a ruling on a particular matter before the commencement of the trial.

Meanwhile, Coinbase presented a letter to the court on June 28th, 2023, seeking permission to file a motion for judgment on the pleadings in line with Federal Rule of Civil Procedure 12(c). This request comes as a response to the complaint issued by the SEC.

Notably, Coinbase had previously submitted a detailed 177-page answer to the SEC’s complaint 40 days ahead of the deadline set on August 7th.

Coinbase has strongly refuted the SEC’s complaint, stating that a significant chunk of the tokens mentioned in the SEC’s lawsuit fall outside the purview of the commission’s jurisdiction.

As the SEC gears up to respond to Coinbase’s legal defense on July 13th, the high-profile legal skirmish continues to command attention within the crypto sphere, further highlighting the complex relationship between regulatory bodies and cryptocurrency entities.