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Coinbase’s First Legal Defense To Be Addressed By SEC On July 13

Press Releases Crypto News Bitcoinist Coinbase’s First Legal Defense To Be Addressed By SEC On July 13

According to a court order issued on Thursday, the United States Securities and Exchange Commission (SEC) is set to provide its counterarguments in response to Coinbase’s initial legal defense on July 13.

The defendant in the legal case, Coinbase, had received a request from the SEC for a three-business-day extension. The SEC sought this extension to ensure sufficient time to prepare a response to the letter submitted by Coinbase.

It is worth noting that the defendants have agreed to the SEC’s request for an extension, as stated in a legal document filing.

Coinbase’s defense tactic has prompted an earlier-than-expected date for the hearing. The exchange had filed its initial response a notable 40 days ahead of the original deadline of August 7, leading to the rescheduling of the hearing to an earlier date.

In addition, the court made significant changes to the proceedings by converting the pre-trial conference to a pre-motion conference.

The court moved the conference forward to July 13 at 14:00 UTC, a substantial shift from the originally scheduled date of August 24. In a letter submitted to Manhattan federal court recently, Coinbase argued that the US Securities and Exchange Commission (SEC) does not possess the authority to pursue civil claims against the company.

Coinbase asserted that the assets traded on its platform do not fall under the category of “investment contracts” and, as a result, are not considered securities. Essentially, according to Coinbase’s argument, a significant number of the tokens mentioned in the SEC’s case are considered to be outside the regulatory scope of the Commission.

Coinbase’s Defense Strategy

Coinbase employed a creative defense strategy in response to the legal proceedings. According to MetaLawman, a legal expert, the exchange’s tactic of filing its response 40 days early through a motion for judgment on the pleadings is considered a “creative strategy.”

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Author: anushsamal

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