The ongoing battle between the U.S. SEC and Coinbase has taken an unexpected turn. In a recent move, the SEC requested a four-month extension on the fact discovery deadline, pushing it to February 2024—right after the presidential elections. This delay has sparked speculation, especially as the SEC faces mounting challenges in the crypto space.
Did the tables really turn? Let’s find out.
In a letter to Judge Katherine Failla, the SEC explained it needs more time to review over 133,000 documents, citing the complexity of its case against Coinbase. Both Coinbase Inc. and Coinbase Global Inc. agreed to this extension, giving the SEC additional time to meet court deadlines. This is the first delay in the case, and its timing—so close to the elections—has caught many off guard.
Coinbase’s Chief Legal Officer, Paul Grewal, shared an important update on X about the ongoing legal fight with the SEC. He mentioned progress in the FOIA suit against the FDIC, which aims to reveal “pause letters” sent to financial institutions that have stopped working with crypto firms. Grewal, along with lawyer James Murphy (MetaLawMan), also suggested that regulators might be withholding critical information, hinting at the controversial “Operation ChokePoint 2.0.”
The lawsuit delay comes amid growing political tension over crypto regulations. Democrat leaders have criticized crypto legislation like FIT 21, labeling it harmful and tied to “MAGA Republicans.” On the other hand, Republican Representative Richie Torres continues to challenge the SEC’s stance, especially around the classification of Ether as a security, advocating for clearer and more crypto-friendly regulations.
With the SEC under fire and the Coinbase case now postponed, the stage is set for major developments in the coming months.
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What do you think about the SEC’s recent move? Is this a strategic delay, or a sign of weakness?
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