- The court approved two stipulation and protective orders governing the discovery phase in the Coinbase vs SEC lawsuit as disputes rise between the parties.
- The court agreed with the requirement for discovery and depositions in the lawsuit as disputes rise.
- FIT21 passing by the House strengthened Coinbase’s argument over the SEC’s authority over crypto.
Discover the latest developments in the Coinbase vs SEC lawsuit, including court-approved orders and the impact of new legislation on the crypto landscape.
Judge Agrees with Coinbase and SEC Proposed Orders
Judge Katherine Polk Failla signed two orders related to the discovery phase in the Coinbase vs SEC case, as per court filings dated May 28.
Coinbase and the US SEC have met and conferred on taking depositions and producing documents in the discovery phase. The court enters a stipulated order for the purpose of assuring the confidentiality of certain information revealed by Coinbase and the government agency. The protective order will assure that all confidential details, including financial transactions, depositions, and other key details, remain hidden from the public.
Judge Failla also approved a proposed stipulation and proposed order under Fed. R. Evid. 502(d). This governs the unintentional production of certain documents by Coinbase and the SEC during the course of this proceeding.
Coinbase Challenges SEC’s Authority
Coinbase filed an interlocutory appeal against the SEC on whether the securities regulator has the authority to regulate certain digital asset transactions citing “investment contracts,” even when those transactions lack explicit contractual elements. Interestingly, Coinbase is leveraging the ongoing Ripple case as a crucial point of reference.
Coinbase’s request to dismiss the SEC’s suit was dismissed, prompting steps to appeal. The SEC has continued its regulatory drive on the crypto sector while firms like Coinbase have vowed to fight for regulatory clarity.
Conclusion
The ongoing legal battle between Coinbase and the SEC highlights significant regulatory challenges in the crypto industry. With court-approved orders and new legislation like FIT21, the landscape of crypto regulation continues to evolve. Stakeholders should stay informed as these developments could shape the future of digital asset regulation.
