YEREVAN (CoinChapter.com) — The U.S. Securities and Exchange Commission (SEC) has requested a four-month extension to produce over 133,000 documents in its lawsuit against Coinbase. Initially, the regulator was expected to deliver these documents by October 18, 2024, but it now seeks until February 2025. This request follows Coinbase’s partial victory in a motion to compel the SEC to provide detailed information about its application of securities laws to tokens.
SEC Delay on Coinbase Documents – RWA Pulse. Source: RWA.io
In a filing made on September 18 with the U.S. District Court for the Southern District of New York, the SEC explained the volume of documents and emphasized its need for more time. Consequently, the agency outlined the extensive nature of the documentation involved, underlining the complexity of the discovery process required for thorough review.
“The SEC is undertaking a review of at least 133,582 unique documents,”
the filing stated, emphasizing the scope of the task ahead.
SEC Document Request – SDNY Case 1:23-cv-04738-KPF. Source: U.S. District Court for the Southern District of New York
Commission Faces February 2025 Deadline for Documents
Should Judge Katherine Failla approve the SEC’s request, the new deadline for producing documents would become February 18, 2025. This delay would also push back the timeline for expert discovery to April 22, 2025. Discovery, the process of exchanging evidence between parties, plays a critical role in shaping the case and determining what the court will consider.
This extension could delay a jury trial until 2025, further prolonging the legal battle between Coinbase and the SEC. As a result, both sides will face a longer wait for a resolution as they navigate the complexities of the case.
SEC Expands Crypto Crackdown with Coinbase Lawsuit
The SEC’s case against Coinbase is part of a broader effort to regulate the cryptocurrency industry. Consequently, the SEC has initiated several lawsuits against exchanges, accusing them of offering and selling unregistered securities. In 2024, Ripple Labs settled a case with the SEC, paying $125 million, and Terraform Labs agreed to a $4 billion settlement over similar charges.
Furthermore, other major exchanges like Binance and Kraken are also facing enforcement actions from the SEC. As the regulator intensifies its focus on the crypto sector, its approach under Chair Gary Gensler has come under scrutiny. On September 18, members of the House Subcommittee on Digital Assets, Financial Technology, and Inclusion engaged in a debate over whether the SEC’s handling of crypto cases has been overly politicized.
Moreover, the future of cryptocurrency regulation might change based on the 2024 U.S. elections’ outcomes. A change in leadership at the SEC could alter the regulator’s approach to crypto enforcement. For now, the SEC continues its legal battles with major crypto firms, including Coinbase.
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