The long-running legal battle between cryptocurrency exchange Coinbase and the U.S. Securities and Exchange Commission (SEC) has reached a critical juncture, with the court setting key deadlines to move the case forward.
As Paul Grewal, Coinbase’s Chief Legal Officer, noted on Twitter, the deadlines approved by U.S. District Judge Katherine Polk Failla are pivotal in determining the direction and eventual outcome of the lawsuit.
Coinbase has until August 4, 2023 to submit its legal briefs, outlining its arguments, evidence and documents in support of its position. These filings will provide insight into Coinbase’s case and the evidence it plans to present in court, as reported by Coingape.
Interested third parties can submit amicus curiae (“friend of the court”) briefs in support of Coinbase until August 11, with a 20-page limit.
The SEC then has until October 3 to file its own legal brief, presenting counterarguments and evidence. Third parties supporting the SEC can submit amicus briefs until October 10 under the same 20-page limit.
Coinbase will then have until October 24 to file a reply brief of up to 15 pages, responding directly to the SEC’s arguments.
The SEC accuses Coinbase of operating as an unregistered broker since 2019 by engaging in activities typically done by registered broker-dealers, but without obtaining the required SEC registration. The SEC says this leaves investors without proper protections.
The scheduling order marks a pivotal step forward in the lawsuit, with both sides’ legal filings expected to shed light on their arguments, evidence and perspectives.