If you follow financial and crypto news, there are good chances you’re aware of the ongoing dispute between the SEC and Coinbase. The years-long saga is not just a complex legal battle. In taking its fight into the related fields of public relations, lobbying, and politics, Coinbase seeks to eschew the tethers of securities regulation by playing multi-dimensional chess.
Introduction
On the litigation front, the conflict turned hot in June last year when the SEC brought civil charges against Coinbase through a complaint filed in the United States District Court for the Southern District of New York. The SEC charged Coinbase with its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency.
The below text briefly provides an update on the status of Securities Exchange Commission vs. Coinbase, Inc. and Coinbase Global, Inc., and a summary of the parties’ core arguments. The case has not progressed quickly, but pending developments are likely to soon grasp the attention of many observers within the financial, crypto, and legal communities.
Status Of The Case
Pursuant to an early motion for judgment on the pleadings filed by Coinbase, the District Court put the ordinary course of proceedings on pause. The Court set a briefing schedule to allow the parties and interested non-parties to file legal briefs supporting or opposing the motion. Briefing on the motion is now closed. Several non-parties have filed “amicus curiae” briefs.
The Court will hear arguments on the motion for judgment on January 17, 2024, beginning at 10. a.m. EST. Given the great public interest in the dispute, the Court has made available a public “listen-only” line. To observe the arguments in real time, members of the public can dial in to the hearing by calling (888) 363-4749 and entering access code 5123533 at 10 a.m. on the 17th.
If you plan on listening in on the whole thing, be prepared. Each side will have four hours of oral argument to make their case. You may wish to stash a trove of your favorite coffee or energy drink nearby.
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