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In the ongoing legal case between the Securities and Exchange Commission (SEC) and cryptocurrency giant Coinbase, a significant milestone has been reached by setting a legal pleadings schedule.
This development was publicized on Twitter by Coinbaseās Chief Legal Officer, Paul Grewal, who commended the court for its āprompt attentionā to the matter.
Coinbase vs. SEC Schedule
Documents filed on Jul. 20 disclose a systematic plan for the upcoming legal arguments in the case. Both āCoinbase,ā the defendants, and the SEC, the plaintiff, submitted a joint proposal to the court outlining a series of deadlines, primarily for Coinbaseās anticipated motion for judgment under Federal Rule of Civil Procedure 12c.
| Event | Proposed Due Date | Court Approved Due Date | Description |
|---|---|---|---|
| Coinbaseās motion and opening brief | Aug. 4, 2023 | Aug. 4, 2023 | Coinbase will present its initial arguments and defenses against the SECās claims. |
| Amicus briefs in support of Coinbaseās motion | 7 days after Coinbaseās brief (Aug. 11, 2023) | Aug. 11, 2023 | Independent parties providing additional information or arguments supporting Coinbaseās position are due to submit their briefs. |
| SECās opposition brief | 30 days after Coinbaseās brief (Sept. 3, 2023) | Oct. 3, 2023 | The court-approved date for the SEC to present its counterarguments to Coinbaseās initial brief. |
| Amicus briefs in support of SECās opposition | 7 days after SECās opposition brief | Oct. 10, 2023 | Independent parties providing additional information or arguments supporting the SECās position are due to submit their briefs. |
| Coinbaseās reply brief | 21 days after SECās opposition brief (Oct. 24, 2023) | Oct. 24, 2023 | Coinbase will respond to the SECās opposition brief, presenting counterarguments to the SECās positions. |
By the submitted proposal, Coinbaseās motion and opening brief are due by Aug. 4, 2023. Following this, amicus briefs supporting Coinbaseās motion are to be submitted within a week, with amicus briefs supporting the SECās opposition due a week after the SECās opposition brief. Coinbaseās reply brief is due 21 days after that.
However, it is essential to highlight that a consensus has not been reached on the SECās opposition brief deadline. Coinbase has proposed a deadline of 30 days after their initial motion and opening brief, while the SEC has proposed a 60-day timeframe.
At this juncture, the court set a date for the SECās opposition brief on Oct. 3, 2023.
The letter states,
āThe parties have not been able to reach an agreement with respect to the deadline for the SECās opposition brief.ā
The court order also outlined specific page limits for the various submissions: 30 pages for Coinbaseās opening brief and the SECās opposition brief, 15 pages for Coinbaseās reply brief, and 20 pages each for any amicus briefs.
The SEC has indicated that it will not file a motion to strike any of Coinbaseās affirmative defenses under Federal Rule of Civil Procedure 12(f).
The court order also said it is standard for the court to pause the discovery process while waiting for a decision on a motion that could completely resolve or dispose of the case.
For this reason, the court declined to approve the case management plan submitted by the parties at this time.
Grewal, in a subsequent tweet, delved into the significance of the legal timeline according to U.S. Code, stating,
āAlthough 28 USC 1292(b) is silent, 10 days always made sense to me as the right deadline to seek DCT certification of an order for interlocutory appeal. After all, thatās the deadline to petition the appellate court. 10 court days from Judge Torresā ruling is tomorrow.ā
With this development, the legal battle has entered a crucial stage. Given its potential to affect the broader crypto industry, the crypto community, and legal observers will follow this case closely.
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