Coinbase and the U.S. Securities and Exchange Commission (SEC) sent a joint letter to Judge Failla asking for equal time in the January 17 oral argument on the pending motion for judgment on the pleadings. Coinbase CLO Paul Grewal and attorneys earlier said they would challenge the SEC and its amicus curie’s irrational arguments only during January’s oral arguments.
SEC and Coinbase Seek Equal Time in Oral Argument
According to a court filing late November 16, defendants Coinbase and Coinbase Global and plaintiff U.S. Securities and Exchange Commission (SEC) propose that the four hours allotted for argument be divided equally between Coinbase and the SEC.
Parties are seeking equal hours to present their arguments on the pending motion for judgment on the pleadings. Both believe that their arguments and evidence are rational in the context of violation of securities laws. Coinbase may look to challenge the SEC’s authority to oversee and regulate the crypto industry with the U.S. Congress’ crypto regulatory framework still in the pipeline.
Recently, William Savitt, one of the top U.S. attorneys representing Coinbase, submitted a response to an amicus brief filed by the NASAA, claiming the arguments by the NASAA are supported by decades-old case law just like SEC’s argument.
Also Read: Ripple CLO Slams SEC Chair Gensler’s Remarks On Prejudgment
Challenging the SEC For Win
Coinbase has conferred with the SEC about the need for new rules and regulations regarding new technologies, arguing that decade-old laws are not proper for crypto. However, the SEC under Gary Gensler continues to impact the crypto industry and investors.
Defendant had requested the court to dismiss the lawsuit claiming that the SEC has no jurisdiction over the crypto industry, and interferes with recent U.S. Congress’ efforts for a crypto regulatory framework.
Coinbase will look to make the final push to prove that SEC arguments are irrational, neither crypto listed by the exchange nor its crypto staking are securities.
Also Read: WisdomTree Revises Spot Bitcoin ETF; SEC May Delay Comments Says Bloomberg Analyst
