“Will victory be in Coinbase's favor and the SEC defeated once again?”
The legal battle between Coinbase and the Securities and Exchange Commission (SEC) finally reached an important stage when Judge Failla issued a scheduling order outlining key deadlines for submissions.
According to Paul Grewal, Coinbase's Chief Legal Officer (CLO) said that the deadline is important to determine the direction and final outcome of the lawsuit.
The string, Coinbase is required to submit its legal briefs such as their arguments, evidence and supporting documents that they want to present in court on August 4, 2023.
It is understood that the submission of the legal brief may allow interested parties to support Coinbase's motion, where they may submit an Amicus curiae* brief not exceeding 20 pages on or before August 11, 2023.
*Individuals or organizations are not parties to legal cases but are allowed to assist the court by offering information
While the SEC as a plaintiff in the lawsuit will also act similarly and the same as Coinbase, the party supporting the SEC case can submit an Amicus brief on or before October 10, 2023 with a 20 page limit.
However, Coinbase was given the opportunity to file a reply on or before October 24, 2023 but was limited to 15 pages of follow-up that would allow the cryptocurrency exchange to respond directly to the SEC's arguments and evidence.
It is well known that the SEC has charged Coinbase with offering unregistered securities through its platform and operating as an unregistered broker since 2019.
Still, the issuance of the scheduling order by Judge Failla marks significant progress in the legal battle between Coinbase and the SEC as it reveals important insights into the arguments, evidence and perspectives of both sides.
