MEXCJust-In: Judge Signs Key Orders in Coinbase Vs SEC Lawsuit
Highlights
- Judge Failla signed orders proposed orders related to the discovery phase in the Coinbase vs SEC case.
- The court agreed with the requirement for discovery and depositions in the lawsuit as disputes rises.
- FIT21 passing by the House strengthened Coinbase's argument over the SEC's authority over crypto.
In the latest development in the tussle between Coinbase and the U.S. Securities and Exchange Commission (SEC), a federal judge has signed two stipulation and protective orders governing discovery.
Coinbase and the U.S. SEC last week submitted proposed stipulation and protective orders on the production of certain documents by the parties, and assuring confidentiality of certain information in the litigation.
Judge Agrees with Coinbase and SEC Proposed Orders
Judge Katherine Polk Failla signed two orders related to the discovery phase in the Coinbase vs SEC case, as per court filings dated May 28.
Coinbase and US SEC have met and conferred on taking depositions and producing documents in the discovery phase. The court enters a stipulated order for the purpose of assuring the confidentiality of certain information revealed by Coinbase and the government agency. The protective order will assure that all confidential details including financial transactions, depositions, and other key details remain hidden from the public.
Judge Failla also approved a proposed stipulation and proposed order under Fed. R. Evid. 502(d). This governs the unintentional production of certain documents by Coinbase and the SEC during the course of this proceeding.
Coinbase challenged the SEC’s ability to disclose confidential documents received in the litigation. The parties have set forth their positions regarding it. The crypto exchange has also challenged the regulator’s crypto authority.
The recently passed the Financial Innovation and Technology for the 21st Century (FIT21) Act by the US House shifts some authority from the SEC to CFTC.
Coinbase Challenges SEC’s Authority
Coinbase’s filed an interlocutory appeal against the SEC on whether the securities regulator has the authority to regulate certain digital asset transactions citing “investment contracts,” even when those transactions lack explicit contractual elements. Interestingly, Coinbase is leveraging the ongoing Ripple case as a crucial point of reference.
Coinbase’s request to dismiss the SEC’s suit was dismissed prompting steps to appeal. The SEC has continued its regulatory drive on the crypto sector while firms like Coinbase have vowed to fight for regulatory clarity.
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