SEC Requests Extension in Lawsuit Against Coinbase

The US Securities and Exchange Commission (SEC) has requested a four-month extension to complete fact discovery in its lawsuit against Coinbase.

Extension Request Details

In a letter submitted to Judge Katherine Polk Failla on Sept. 18, the SEC asked to move the current discovery deadline from Oct. 18 to Feb. 18, 2025. The agency said the extension would allow it to review a substantial volume of additional documents.

The SEC highlighted its ongoing efforts to comply with the court’s discovery requirements, noting that it has produced “hundreds of thousands” of documents for Coinbase. The regulator added that it is currently following a court order and reviewing an additional 133,582 unique documents.

The SEC’s request also included a proposal to amend the Civil Case Management Plan, extending all subsequent deadlines by four months.

SEC vs. Coinbase Legal Battle

The lawsuit between the US Securities and Exchange Commission (SEC) and Coinbase began in June 2023, when the SEC accused the exchange of operating as an unregistered securities broker.

Coinbase has disputed the SEC’s claims, arguing that the assets on its platform do not meet the definition of securities and that the company complies with existing laws. The case has involved extensive discovery efforts, with both parties agreeing to multiple document reviews.

This case is seen as a key legal battle in the regulation of cryptocurrencies in the US and could have broad implications for the industry.