Fri Sep 20 08:30:37 UTC 2024: ## SEC Delays Coinbase Lawsuit Deadline, Pushing it Past US Elections
The US Securities and Exchange Commission (SEC) has requested a four-month extension to complete its fact discovery process in the lawsuit against Coinbase. This extension, agreed to by Coinbase, would push the deadline to February 18, 2025, after the US elections.
The SEC cites the need to review additional documents, following a court order in response to Coinbase’s motion to compel, as the reason for the delay. The agency claims it has already produced hundreds of thousands of documents but is now tasked with reviewing at least 133,582 additional documents.
This development comes as Coinbase is pursuing a Freedom of Information Act (FOIA) lawsuit against the Federal Deposit Insurance Corporation (FDIC). Coinbase’s Chief Legal Officer, Paul Grewal, reported progress in obtaining “pause letters” sent to financial institutions suggesting they debanked crypto firms. The court has also ordered the FDIC to provide a “Vaughn Index,” a document that could reveal more about the “Chokepoint 2.0” allegations, fueling speculation about a possible crackdown on crypto firms.
The SEC’s request for a delay has sparked criticism from the crypto community, who see it as an attempt to stall the case until after the elections. Legal expert James Murphy, known as MetaLawMan, expressed concern about Congress’s inaction, pointing out that Coinbase is effectively fulfilling the legislative oversight function.
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