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Coinbase v. SEC: Legal Expert Breaks Down Schedule and Surprising Twist

Mon, 07/24/2023 - 16:07
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Gamza Khanzadaev
Judge in regulator's legal battle with major exchange drops some unexpected moves, law expert explains what's going on
Coinbase v. SEC: Legal Expert Breaks Down Schedule and Surprising Twist
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In the latest update on the SEC v. Coinbase legal battle, legal expert James "MetaLawMan" Murphy has analyzed developments, offering insights into the forthcoming proceedings. The case, which holds immense significance in the crypto industry, has taken an intriguing turn with Judge Failla's issuance of a scheduling order.

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The schedule, as revealed by Judge Failla, sets critical milestones in the case, indicating a notably fast-paced timeline for a case. Coinbase's opening brief is expected to be presented on Aug. 4, while amicus briefs supporting the major exchange will be filed on Aug. 11. Following this, the SEC has until Oct. 3 to submit its opposition brief, and amicus briefs supporting the regulator will be accepted until Oct. 10. Lastly, Coinbase's reply brief is due on Oct. 24.

As Murphy points out one crucial aspect of the order is the explicit inclusion of amicus briefs. It is uncommon for judges to permit amicus briefs at such an early stage in a case, says the expert.

Another noteworthy detail is that the SEC had initially requested a 60-day window to respond to Coinbase's motion, but Judge Failla granted them only 30 days. This, according to MetaLawMan, indicates a sense of urgency in expediting the case, reflecting the judge's keen interest in swift proceedings.

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Overall, concludes Murphy, Coinbase's strategy to expedite the proceedings appears to be gaining traction, with the court's support evident in the accelerated schedule and the allowance of amicus briefs. As the case unfolds, all eyes will be on these crucial dates, with the next major developments expected in less than three weeks.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.