New dates have been announced when legal defenses will emerge in the Coinbase-SEC lawsuit. The exchange filed a petition to dismiss the SEC lawsuit yesterday, arguing that the US regulator does not have jurisdiction over cryptocurrencies on its platform.
New dates for July set in Coinbase-SEC lawsuit
Per the court order Thursday, the SEC will submit its response to Coinbase’s first legal defense on July 13. The trial went much earlier than expected. Additionally, the court turned the pre-trial conference into a pre-trial conference. The date, which was determined as 24 August in the first place, was postponed to 13 July. Coinbase’s last defensive move was effective in this decision.
On June 29, Coinbase argued that most of the tokens highlighted in the SEC lawsuit fall outside the scope of the Commission. Experts interpreted this move as the superior power of the stock market in the legal fight.
Coinbase used creative defense strategy
The crypto exchange shocked the crypto market yesterday by filing a petition to dismiss the SEC lawsuit. In a recent letter to the court, Coinbase’s attorney stated:
Coinbase has responded to the SEC’s complaint with multiple defenses, including that this action violated legal process and abused its discretion. But there is a more fundamental issue with the SEC’s case – an issue the President noticed two years ago that gives Coinbase now the right to decide on the defenses: The matter falls outside the SEC’s jurisdiction.
Meanwhile, according to some experts, it was a “creative strategy” for the exchange to respond to the SEC’s request 40 days early. “Coinbase’s lawyers came up with an interesting opening move in the case,” MetaLawman, a lawyer and Twitter legal commentator, said in a thread of tweets.
What will happen on July 13?
On this date, Judge Katherine Polk Failla will decide whether to allow Coinbase to continue the motion to the SEC. MetaLawMan said, “This is usually a formality. It is allowed unless there is a very good reason presented by the other party.”
Coinbase slams SEC overreach in latest filing
The exchange claims that the cryptocurrencies listed on its platform are not securities. This move brings the legal process to a critical turning point. cryptocoin.comAs you follow, the SEC previously claimed that a dozen of Coinbase’s cryptocurrencies are unregistered securities. The regulator made similar accusations when it sued Binance before Coinbase.
Coinbase’s latest response reinforces their previous argument with additional details. Coinbase claimed that cryptocurrencies on the exchange’s secondary market platform are not part of any regulation. Token issuers have no obligations to investors. In short, Coinbase criticizes the SEC, citing the Supreme Court’s Howey case as an example to support its claims.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your own research and due diligence before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.