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Breaking: Coinbase And US SEC Send Joint Letter To Judge Concerning Judgment

Coinbase and SEC propose four hours allotted for argument be divided equally between both parties and amicus raised valid claims. 
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Breaking: Coinbase And US SEC Send Joint Letter To Judge Concerning Judgment

Coinbase and the U.S. Securities and Exchange Commission (SEC) sent a joint letter to Judge Failla asking for equal time in the January 17 oral argument on the pending motion for judgment on the pleadings. Coinbase CLO Paul Grewal and attorneys earlier said they would challenge the SEC and its amicus curie’s irrational arguments only during January’s oral arguments.

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SEC and Coinbase Seek Equal Time in Oral Argument

According to a court filing late November 16, defendants Coinbase and Coinbase Global and plaintiff U.S. Securities and Exchange Commission (SEC) propose that the four hours allotted for argument be divided equally between Coinbase and the SEC.

Parties are seeking equal hours to present their arguments on the pending motion for judgment on the pleadings. Both believe that their arguments and evidence are rational in the context of violation of securities laws. Coinbase may look to challenge the SEC’s authority to oversee and regulate the crypto industry with the U.S. Congress’ crypto regulatory framework still in the pipeline.

Recently, William Savitt, one of the top U.S. attorneys representing Coinbase, submitted a response to an amicus brief filed by the NASAA, claiming the arguments by the NASAA are supported by decades-old case law just like SEC’s argument.

Also Read: Ripple CLO Slams SEC Chair Gensler’s Remarks On Prejudgment

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Challenging the SEC For Win

Coinbase has conferred with the SEC about the need for new rules and regulations regarding new technologies, arguing that decade-old laws are not proper for crypto. However, the SEC under Gary Gensler continues to impact the crypto industry and investors.

Defendant had requested the court to dismiss the lawsuit claiming that the SEC has no jurisdiction over the crypto industry, and interferes with recent U.S. Congress’ efforts for a crypto regulatory framework.

Coinbase will look to make the final push to prove that SEC arguments are irrational, neither crypto listed by the exchange nor its crypto staking are securities.

Also Read: WisdomTree Revises Spot Bitcoin ETF; SEC May Delay Comments Says Bloomberg Analyst

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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