Advertise
Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Sep 19, 2024 11:44 UTC
-
SEC vs. Coinbase: Why the SEC Postponed the Coinbase Case—And Why It Matters
The SEC has requested a four-month delay in the fact discovery deadline in its case against Coinbase, pushing it to February 2024.
The delay comes amid growing political tension over crypto regulations.
Coinbase continues its legal battle with the SEC, including a FOIA suit against the FDIC and highlighting the regulator's withholding of key information.
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.
Why the SEC Is Pressing Pause
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 CLO Fights Back
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.”
Political Heat on Crypto Legislation
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.
Also Check Out: Ripple News: How $1,000 Investment in XRP Could Skyrocket to $1 Million
What do you think about the SEC’s recent move? Is this a strategic delay, or a sign of weakness?
Yes 
No 
