Court Approves SEC And Coinbase’s Proposal; SEC’s Amicus NFI Seeks Oral Arguments

The court has approved Coinbase and the U.S. Securities and Exchange Commission’s (SEC) proposal seeking equal time in the January 17 oral argument on the pending motion for judgment on the pleadings. After the order, the SEC’s amicus curiae New Finance Institute (NFI) sends a letter to Judge Failla seeking a few minutes from the allotted oral argument minutes. NFI requested the court despite the SEC and Coinbase believed that amici’s arguments are adequately set forth in the briefs.

Judges Signs Order in Coinbase and SEC Lawsuit

Judge Katherine Polk Failla signed an order on a joint proposal by the SEC and Coinbase to equally allot oral argument time of four hours between defendant Coinbase and the plaintiff SEC, as per a court filing late November 17.

“The court is in receipt of the parties’ joint letter regarding the schedule for the January 17 oral argument and accepts the parties’ proposal,” ordered Judge Failla.

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

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NFI Seeks Minutes From Oral Arguments

Coinbase and the SEC believe the arguments and positions stated by the amici are adequately set forth in the briefs. However, the SEC’s amicus curiae New Finance Institute seeks 10 minutes oral argument out of the total time allotted hours.

“My client’s position is consistent with the result sought by the SEC but proposes a distinct legal analysis that we believe is compelling for the Court to consider given the public policy implications presented by this case,” said NFI.

Also Read: Bloomberg Analysts Expect Delays In All ETFs As US SEC Defers Two Spot Bitcoin ETF