SEC requests for extra time to provide paperwork in Coinbase case

• SEC reportedly seeks an extension to February 2025 for it to supply case paperwork to Coinbase.
• Coinbase, Binance and Kraken all going through SEC lawsuits.

The US Securities and Change Fee has filed for an extension from the courtroom, asking for extra time because it appears to be like to supply paperwork associated to its case towards crypto trade Coinbase. Cointelegraph reported this on Sept. 19

SEC asks for extension

Courtroom paperwork filed on Sept. 18 reveal that the SEC needs the courtroom to increase the timeline for them to furnish Coinbase with key materials by 4 months.

The regulator filed its request on the US District Courtroom for the Southern District of New York, and if granted, will see it have till February 2025 for the deadline to share over 133,000 paperwork.

SEC’s courtroom submitting comes a month to the top of the preliminary timeline on Oct. 18, which is when the securities watchdog was at hand over paperwork as a part of the case’s discovery proceedings part. In response to the regulator, an extension will enable it to provide the mandatory paperwork.

SEC has sued a number of crypto corporations

These newest developments within the SEC vs. Coinbase lawsuit provides to a number of others in latest months and weeks. It consists of courtroom filings and verdicts within the regulator’s instances towards crypto exchanges Binance and Kraken, that are the opposite main business gamers in a authorized battle with the SEC.

Each the courts and US lawmakers have taken subject with the SEC’s use of the time period “digital asset securities’. That is a part of the primary allegations towards crypto exchanges, with the regulator alleging securities legal guidelines violations by these corporations.

The time period ‘digital asset safety’ doesn’t seem anyplace in any legislation enacted by Congress or in any rule promulgated by the SEC or in any determination rendered by the Supreme Courtroom. It seems nowhere within the 2 million pages of the Federal Register. If it comes from neither statute… pic.twitter.com/ucSaCzEvOU

— Rep. Ritchie Torres (@RepRitchie) September 19, 2024

In 2020, the company sued Ripple Labs over the XRP cryptocurrency – a case that dragged for 3 years earlier than a notable ruling in July 2023 declared XRP not a safety. The regulator additionally reached a $4 billion settlement with Terraform Labs.

A decide denied Kraken’s movement to dismiss the SEC’s lawsuit agaisnt the trade in August this yr.