Coinbase has over a week to submit its motion and initial brief.
Court dates have now been scheduled for the first arguments in the ongoing litigation between the US Securities and Exchange Commission (SEC) and cryptocurrency exchange Coinbase.
Coinbase's Chief Legal Officer (CLO), Paul Grewal, revealed that the joint request from the SEC and Coinbase to commence hearings had been sanctioned by Judge Katherine Polk Failla.
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In the submitted paperwork, the two entities agreed on the timeline that includes the submission of Coinbase's motion and the initial brief on August 4th, 2023.
Additionally, the entities provided schedules for other supporting documents and responses, including details regarding the length of these documents.
Nonetheless, one point of disagreement remained: the deadline for the SEC's counterargument brief. Coinbase recommended a deadline of 30 days following its opening motion and brief, while the SEC suggested 60 days.
Judge Failla issued a partially approving response. The judge affirmed Coinbase's August 4th deadline for the initial brief, followed by an August 11th deadline for any supporting documents.
In a resolution of the brief submission dispute, the Judge determined that the SEC must submit its opposition brief on or before October 10th, 2023. Subsequently, Coinbase must provide its reply by October 24th, or earlier if possible.
In an act of prudence following the lawsuit proceedings, on July 14th, Coinbase announced that customers in California, New Jersey, South Carolina, and Wisconsin would temporarily be unable to stake additional assets. This decision will remain in effect "until further notice," reflecting the platform's commitment to regulatory compliance during the ongoing legal process.
Coinbase's litigation with the SEC is not an isolated incident but part of a larger pattern of crypto-related lawsuits the regulator is involved in. A noteworthy example of these cases is the SEC's lawsuit against Ripple Labs, which continues to draw considerable industry attention.
The scheduled hearings in the SEC-Coinbase lawsuit represent a significant milestone in the continuing dialogue between crypto industry players and regulatory bodies.
