The current judge in the lawsuit brought against Coinbase by the U.S. Securities and Exchange Commission (SEC) has been replaced.
The current Judge in the U.S. Securities and Exchange Commission (SEC) lawsuit has been substituted less than ten days after the filing of charges by the agency. Earlier, the regulatory agency launched a new set of crypto lawsuits, this time targeting Coinbase and Binance, the two largest cryptocurrency exchanges in the world.
Coinbase, the largest cryptocurrency exchange in the United States, was accused of engaging in an unregistered securities offering via its staking-as-a-service program.
In the meantime, the cryptocurrency market exhibited a negligible adverse reaction to the back-to-back lawsuits, despite a protracted decline in asset prices following news of a regional banking crisis in the United States.
Judge Reardon Replaced In Coinbase Litigation
In the SEC v. Coinbase lawsuit, Judge Jennifer Rearden replaced Judge Katherine Polk Failla, who previously presided over a crypto case involving Tether and Bitfinex.
According to MetaLawMan, there is no particular explanation for why the Judge was replaced. The new Judge will benefit from her prior experience, as she will be familiar with crypto terminology. A tweet from the account of MetaLawMan stated,
“A new judge has been assigned to the SEC Vs Coinbase case in New York federal court, to replace rookie Judge Jennifer Rearden. The new Judge assigned is Katherine Polk Failla.”
According to MetaLawMan, there appears to be no particular explanation why the Judge was replaced.
