United States District Judge Katherine Polk Failla coinbase Rejected ‘s request to dismiss the lawsuit filed against the leading cryptocurrency exchange by the US Securities and Exchange Commission (SEC) in June 2023.
Fox Business journalist Eleanor Terrett shared Coinbase’s next steps on social media platform X. Terrett added that the Court will now set a full discovery schedule and that both parties can request documents for the discovery process.
“Part of this case could be undermined and exposed through discovery,” sources told Terrett. Therefore, Coinbase will try to get the SEC to do as much discovery as possible during this process and SEC “will do the same,” he shared.
While referring to the discovery phase in the XRP case, Terrett said that this phase will act as a “window” into the SEC’s mind in the case against Coinbase.
The journalist also predicted the case would last at least a year because discovery could take “months” and would be followed by “the filing of summary judgment briefs, followed by a potential trial process on top of that,” he said.
As Koinfinans.com reported, we were told that one of Coinbase’s more near-term options might be to file a “provisional appeal” of some or all of the denial of the Request to Dismiss if its lawyers think it makes sense to do so.
Notably, the SEC had filed a temporary appeal in the XRP case, but it was denied by Judge Analisa Torres, who made the historic ruling that XRP was not a security when sold to retail investors.
