Judge brings forward pretrial conference in SEC vs. Coinbase litigation case
In the ongoing lawsuit between the Securities and Exchange Commission (SEC) and Coinbase, the presiding judge said: rescheduled The date of the pretrial conference was changed from the original August 24 to July 13.
The order was issued in response to the SEC’s request for a three-business day grace period. expansion To answer Coinbase’s motion to dismiss due to the upcoming weekend.
Judge Faira granted an extension, which means the SEC can file a response by July 7 instead of the original July 3 deadline. However, at that time, the judge also moved up the date of the pretrial conference.
a pre-trial press conference A meeting between a judge and an attorney to assess the requirements for moving a case to trial, including established dates for completing certain tasks.
On June 28, their motion to dismiss In this lawsuit, Coinbase raised several questions. One of them was why the SEC approved the company’s initial public offering (IPO) application and then filed a lawsuit. Additionally, six of the 12 coins classified as securities in the lawsuit were listed on exchanges before the IPOs began in April 2021 (perhaps regulators knew about it). Seem).
Coinbase found the SEC’s conduct a violation of due process rights and an “unusual abuse of process.” Furthermore, the exchange does not have the authority to regulate “without burden of proof or other liability,” that it does not trade securities on the Coinbase spot exchange, that Coinbase Wallet does not constitute a brokerage agreement, etc. , cited 11 defenses.
crypto slate has teamed up with David Lopez Kurz, an attorney at Chicago-based Croke Fairchild Duarte and Velez LLC and founder and CEO of BSL Group, to develop the coin. We analyzed the possible defense strategies of the base.
One of the most notable disclosures concerns the proper registration of securities instruments, such as Coinbase’s Form S-1 filings. February 2021.
This process includes the SEC reviewing the form and ensuring that its disclosures comply with securities laws. Post-review comments are returned for correction before being declared “valid”, allowing the company to sell securities products.
Lopez Kurz said he was satisfied with the SEC that the relevant material risks were properly disclosed on Form S-1, but this is consistent with the SEC’s current ruling that the company has repeatedly violated securities laws. inconsistent position.
The SEC launched legal action against Coinbase on June 6. The allegations included violations of securities laws and improper registration of its business.
The article first appeared on CryptoSlate after the judge brought forward the pretrial conference in the SEC v Coinbase case.
