Bitrabo Editorial
Recently, the US Securities and Exchange Commission (SEC) has filed a request to extend the deadline for completing fact discovery in its lawsuit against Coinbase. The agency aims to push the deadline back by four months, setting it after the upcoming US elections.
SEC Seeks Extension for Fact Discovery Timeline
On Wednesday, the SEC submitted a request to extend the time allocated for fact discovery in its legal proceedings against Coinbase Inc. and Coinbase Global Inc. In a letter addressed to Judge Katherine Polk Failla, the regulator sought to update the existing Civil Case Management Plan, as well.
According to the SEC’s letter, the defendants have consented to this extension, and it’s noted that no party has requested a change in the timeline for fact discovery in the SEC’s case against Coinbase.
The SEC claimed it has made significant strides in the discovery phase, having produced hundreds of thousands of documents to meet these requirements. However, it pointed out that an order from the court obliges it to assess additional documents in relation to the Defendant’s Motion to compel.
This order necessitated the review of new documents after reaching an agreement with Coinbase regarding the search and examination of potentially relevant materials. As a result, the SEC believes that a four-month extension is essential to fulfill the court’s mandates.
As part of that arrangement, the SEC is currently reviewing over 133,582 unique documents. The requested extension aims to provide adequate time for the SEC to adhere to the Court’s Order. See also ECF No. 161 (which acknowledges the potential need for an extension of fact discovery).
The proposed extension would shift the deadline from October 18, 2024, to February 18, 2025, thereby also changing subsequent deadlines in the case by four months.
Coinbase Continues Its Opposition to US Regulatory Actions
Additionally, Coinbase’s Chief Legal Officer Paul Grewal recently informed the community about ongoing developments in its Freedom of Information Act (FOIA) case against the Federal Deposit Insurance Corporation (FDIC). In a post on X, Grewal highlighted progress in obtaining “pause letters” sent to financial institutions, which imply that they withdrew support from crypto businesses.
Grewal further commented that the court had ordered the provision of a “Vaughn Index,” which acts like a FOIA privilege log. He views this as a significant advancement for the cryptocurrency sector: “Step by step, we will uncover the truth regarding Chokepoint 2.0,” he remarked.
Attorney James Murphy, known as MetaLawMan, suggested that increasing pressure on regulatory bodies is positive, as it complicates the administration’s stance that there is no existence of #OperationChokepoint2.0.
Many community members resonated with this perspective, expressing their dissatisfaction with US regulatory bodies. Murphy also took aim at Congress, criticizing it for failing to fulfill its responsibilities, ultimately questioning why a publicly traded company needs to take on oversight roles that should belong to Congress.
