Provide due dates for petitions and legal advice letters
U.S. District Judge Catherine Polka Faira announced the upcoming schedule for the trial between U.S. cryptocurrency exchange Coinbase and the U.S. Securities and Exchange Commission (SEC) on the 20th.
Judge Failla has issued a scheduling order for our Rule 12(c) motion for judgment on the pleadings. We appreciate the Court’s prompt attention to this matter. pic.twitter.com/XhR4hy0FDf
— paulgrewal.eth (@iampaulgrewal) July 23, 2023
This constitutes approval of some of the schedule requests received from Coinbase and the SEC.
According to the judge, Coinbase’s opening brief — a written document that allows parties to present their arguments in the early stages of the trial — will be delivered on August 4. The Amicus Brief, a legal advisory letter from a third party backing Coinbase, is scheduled to be filed on August 11.
In addition, the SEC has until October 3 to file a counter-document. Amicus briefs in favor of the SEC will also be accepted through October 10. Next, the deadline for submission of counter-arguments by Coinbase is October 24.
The SEC also required 60 days to respond to Coinbase’s allegations, but Judge Faira only allowed 30 days.
What is an Amicus Brief?
system in the United States courts. It allows third parties other than the parties to the trial to formally submit written arguments. Its content will be considered in court.
Legal Advice (Amicus Brief)
James Murphy, a legal expert familiar with Web3, shares his thoughts on this schedule.
In particular, he noted that the court was trying to proceed with the trial on a speedy schedule, and that Amicus Brief was envisioned at an early stage.
Whether or not to allow Amicus briefs is at the judge’s discretion, but the presentation of the deadline this time shows that there is a high possibility of receiving Amicus briefs.
“Coinbase’s strategy of speeding up the litigation process appears to be working,” Murphy added.
The Amicus brief was also submitted by the Blockchain Association and Coinbase to support Ripple in the Ripple vs. SEC trial. It will be interesting to see if the cryptocurrency community and others will submit an Amicus brief in favor of Coinbase in this trial as well.
In the Ripple v. SEC case, the Blockchain Association challenged the SEC’s ruling on the securitization of tokens, arguing that many cases in the cryptocurrency industry use tokens outside of investment contracts.
connectionUS Blockchain Association Defends Ripple in Securities Lawsuit
Holding preliminary hearings
A preliminary hearing was held on the 13th of the Coinbase vs. SEC trial.
At the time, Judge Faira said that the SEC’s approval of the registration application for Coinbase when it went public on the Nasdaq could have some implications in court.
It seems that the SEC has conducted a careful investigation of Coinbase’s business and is presumed to have approved it. The SEC counters that allowing a company to list its stock does not mean approving all of the company’s business.
connection: U.S. District Judge Offers Opinion in Coinbase v. SEC Case