SEC Does Not Oppose Coinbase’s Motion in Lawsuit
The SEC has submitted a letter to the judge in their case against Coinbase, stating that they have no objections to Coinbase’s request for permission to file a motion for judgment on the pleadings. This indicates that the SEC wishes to expedite the resolution of the case. The SEC outlines the arguments it plans to present against Coinbase, but analysts believe that these arguments are weak. Additionally, the SEC does not address the testimonial evidence from Gary Gensler presented by Coinbase. The SEC intends to file a motion to strike Coinbase’s defense, but the chances of this motion succeeding are low. It is expected that Coinbase will prevail on the Major Questions Doctrine argument. A schedule for briefing on Coinbase’s motion is expected to be established. Despite the setback, this is not a major hurdle for the SEC and Coinbase may benefit from a quicker resolution.
Key Points:
– SEC has no objections to Coinbase’s request for a motion for judgment on the pleadings
– Arguments presented by the SEC against Coinbase are weak
– SEC does not address testimonial evidence from Gary Gensler
– Likelihood of SEC’s motion to strike Coinbase’s defense succeeding is low
– Coinbase is expected to prevail based on the Major Questions Doctrine argument
A Setback for the SEC, but not a Major Hurdle
The SEC’s decision not to oppose Coinbase’s motion for judgment on the pleadings can be seen as a setback for the regulatory agency. However, the arguments presented by the SEC are not particularly strong. Coinbase can view this as a positive development and anticipate a quicker resolution of the case. While the SEC may still file a motion to strike Coinbase’s defense, the chances of success are low. Ultimately, it is expected that Coinbase will prevail either at the district court level or through an appeal. This development is beneficial for Coinbase and may impact the regulatory landscape for crypto exchanges.
Hot Take:
The SEC’s lack of objections to Coinbase’s motion for judgment on the pleadings is a positive sign for the exchange. It suggests that Coinbase’s arguments hold weight and that the regulator may struggle to make a strong case against them. This development may pave the way for more clarity and favorable regulations for crypto exchanges in the future.
By
By
By
By
By
By