SEC requests more time to produce documents in Coinbase case
The SEC is reportedly seeking an extension to February 2025 for Coinbase, Binance and Kraken to file case documents.
The US Securities and Exchange Commission (SEC) has asked the court for an extension when it looks to file documents related to its lawsuit against crypto exchange Coinbase. This was reported by Cointelegraph on September 19.
The SEC requests an extension
Court documents filed on September 18 show that the SEC wants the court to extend Coinbase's timeline for providing them with key material by four months.
The regulator made the request in the US District Court for the Southern District of New York, and if granted, it will have until February 2025 to share more than 133,000 documents.
The SEC's court filing comes a month after its original Oct. 18 deadline for the securities regulator to hand over documents as part of the case's discovery process. According to the supervisor, the extension allows the production of necessary documents.
The SEC has sued several crypto companies
In SEC vs. These latest developments in the Coinbase lawsuit add to many more in the coming months and weeks. The legal battle with the SEC includes court filings and rulings on the regulator's cases against crypto exchanges Binance and Kraken, other major industry players.
Both courts and US lawmakers have taken issue with the SEC's use of the term “digital asset securities.” This is part of a series of major lawsuits against crypto exchanges, with the regulator accusing these companies of violating security laws.
Nowhere does the term ‘digital asset security' appear in any law passed by Congress or any rule issued by the SEC or any decision by the Supreme Court. It does not appear anywhere in the 2 million pages of the Federal Register. If it comes from either law… pic.twitter.com/ucSaCzEvOU
– Representative. Ritchie Torres (@RepRitchie) September 19, 2024
In the year In 2020, the agency sued Ripple Labs over the XRP cryptocurrency — a case that dragged on for three years before a landmark decision in July 2023 declaring XRP not a security. The regulator has reached a $4 billion settlement with Terraform Labs.
A judge rejected Kraken's request to contest the SEC's allegations in August of this year.
