• The SEC has filed a case against Coinbase and the crypto exchange has responded by challenging the SEC’s move to strike out its defense.
• Coinbase lawyers have argued that the SEC must prove that no question of law or fact may allow the defense to succeed in its motion to strike.
• A hearing is scheduled for Thursday, July 13th to determine whether Coinbase will be granted permission to file its motions to dismiss.
SEC Files Case Against Coinbase
The United States Securities and Exchange Commission (SEC) has filed a case against cryptocurrency exchange Coinbase. The exchange responded by challenging the SEC’s move to strike out its defense.
Coinbase Argues Against Delay Tactics
Coinbase lawyers have argued that the SEC must prove that no question of law or fact may allow the defense to succeed in its motion to strike. They further stressed that should the court grant the SEC leave to file motions to strike, it should not impact the exchange’s timeline for its proposed motions to dismiss.
Hearing Scheduled for July 13th
A pre-motion conference is scheduled for Thursday, July 13th, which will determine whether Coinbase will be granted permission to file its motions to dismiss. Prominent crypto legal commentator James “MetaLawMan” Murphy described this process as a formality, adding that permission is typically granted in these circumstances.
Coinbase Wants Fast Track To Dismissal
Coinbase wants a fast track dismissal of this case and does not want any delays from being imposed by the SEC’s filing of motions against them. The exchange believes their response offered factual and legal reasons why their major questions doctrine should prevent them from having jurisdiction over cryptocurrency markets in general.
Conclusion
The hearing on July 13th will decide if Coinbase will be given permission by the court system or not allowing it’s movement towards dismissal of this case brought up by SEC against them. It remains unclear at this time what outcome this hearing will bring but either way it could have major implications on both parties involved as well as future cases involving cryptocurrencies around world wide regulation standards and regulations
