{"id":93839,"date":"2024-09-19T08:24:24","date_gmt":"2024-09-19T12:24:24","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=93839"},"modified":"2024-09-19T08:30:27","modified_gmt":"2024-09-19T12:30:27","slug":"sec-pauses-coinbase-lawsuit-discovery","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/sec-pauses-coinbase-lawsuit-discovery\/","title":{"rendered":"SEC Pauses Coinbase Lawsuit Discovery To Post Elections Date"},"content":{"rendered":"\n

US SEC v Coinbase lawsuit<\/a> pauses unexpectedly as agency requests discovery deadline extension until February, post-elections.<\/p>\n\n\n\n

\"SEC<\/figure>\n\n\n\n

The U.S. Securities and Exchange Commission (SEC) v. Coinbase lawsuit has seen an unexpected delay, as the SEC requested additional time for the discovery process. <\/p>\n\n\n\n

The agency is asking the court to extend the deadline for completing fact discovery to February 2025, after the U.S. presidential elections.<\/p>\n\n\n\n

US SEC Seeks Discovery Delay in Coinbase Case<\/h2>\n\n\n\n

In a letter to Judge Katherine Failla\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, the SEC requested a four-month extension to complete fact discovery, moving the deadline from October 18, 2024, to February 18, 2025. The SEC has also filed a Revised Case Management Plan to support this request.<\/p>\n\n\n\n

According to the SEC, Coinbase Inc. and Coinbase Global Inc. have agreed to the proposed extension. <\/p>\n\n\n\n

The agency cited the need to review hundreds of thousands of documents, including 133,582 unique files, as part of the extensive discovery requirements. <\/p>\n\n\n\n

\"SEC<\/figure>\n\n\n\n

The extension, the SEC stated, would provide sufficient time to comply with the court\u2019s order.<\/p>\n\n\n\n

This marks the first request for a discovery deadline extension by any party in the case. The timing of the delay, falling after the 2024 U.S. elections, has sparked speculation.<\/p>\n\n\n\n

Coinbase\u2019s CLO Discusses Progress on Crypto Regulations<\/h2>\n\n\n\n

Meanwhile, Coinbase\u2019s Chief Legal Officer, Paul Grewal, provided updates on the company\u2019s regulatory efforts<\/a>. <\/p>\n\n\n\n

He mentioned progress on their Freedom of Information Act (FOIA) lawsuit against the FDIC, aimed at uncovering \u201cpause letters\u201d sent to financial institutions that allegedly debanked crypto firms. The court has ordered the release of a FOIA privilege log, known as a \u201cVaughn Index.\u201d<\/p>\n\n\n\n

Grewal and attorney James Murphy, known as \u201cMetaLawMan,\u201d agreed that applying more pressure could expose more details regarding “Operation Choke Point 2.0” by regulators.<\/p>\n\n\n\n

\n

There\u2019s progress in our FOIA suit against FDIC to get the "pause letters" sent to financial institutions "suggesting" they debank crypto firms. The Court ordered them to give up a "Vaughn Index," a sort of FOIA privilege log. Inch by inch, we will get to the truth of Chokepoint\u2026<\/p>— paulgrewal.eth (@iampaulgrewal) September 19, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

The SEC has faced multiple challenges, including criticism over its use of \u201ccrypto asset securities\u201d terminology, ongoing investigations into SEC Chair Gary Gensler, and a legal defeat in the Ripple case.<\/p>\n\n\n\n

Political Divide on Crypto Legislation<\/h2>\n\n\n\n

Democratic leaders have expressed opposition to crypto-related legislation, describing bipartisan efforts like the Financial Innovation and Technology (FIT) Act and the rollback of SAB 121 accounting rules as \u201charmful\u201d and the product of \u201cextreme MAGA Republicans.\u201d <\/p>\n\n\n\n

However, Paul Grewal suggested that \u201cMAGA\u201d or simply a lawmaker fulfilling his duty is the real driver behind such actions.<\/p>\n\n\n\n

Republican Representative Richie Torres also weighed in, questioning whether Ether should be considered a security, given the decentralized nature of the crypto industry, and advocating for distinct regulatory measures.<\/p>\n","protected":false},"excerpt":{"rendered":"

US SEC v Coinbase lawsuit pauses unexpectedly as agency requests discovery deadline extension until February, post-elections. The U.S. Securities and Exchange Commission (SEC) v. Coinbase lawsuit has seen an unexpected delay, as the SEC requested additional time for the discovery process. The agency is asking the court to extend the deadline for completing fact discovery […]<\/p>\n","protected":false},"author":56,"featured_media":93845,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[15514,150,18385],"class_list":["post-93839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-coinbase-vs-sec","tag-coinbase","tag-paul-grewal"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/09\/SEC-Pauses-Coinbase-Lawsuit-Discovery-To-Post-Elections-Date.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/93839","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=93839"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/93839\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/93845"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=93839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=93839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=93839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}