The SEC has requested for a New York court to grant them a 4-month extension to produce documents for its Coinbase lawsuit. The regulator asked for an extension until February 2025 to review “at least 133,582 unique documents” as part of discovery motions against the crypto exchange.
SEC lawyers issued the filing on Wednesday in the US District Court for the Southern District of New York. Previously, the regulator was expected to bring forth documents by October 18th. “The SEC is undertaking a review of at least 133,582 unique documents,” said the filing. “The requested extension will provide the SEC the necessary time to comply with the Court’s Order.”
Back in June, Coinbase filed lawsuits against the SEC and FDIC. The exchange accused the two of trying to cut out the crypto industry from the banking sector. The SEC has been a strong opponent of the growing popularity of cryptocurrency. It approved the launch of crypto ETFs for Bitcoin and Ethereum after bringing forth many hurdles and doubts. US lawmakers have been criticized previously for their loose leash on how the Securities and Exchange Commission regulates the crypto industry. Coinbase’s lawsuit amplifies the voices of many in the industry looking to end the regulator’s strong grasp on
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Judge Katherine Failla of New York will ultimately have the final say on if the extension is granted. If granted, the SEC could have until February 18 to produce documents related to fact discovery against Coinbase. Expert discovery, including depositions and related documents, would meanwhile have a deadline of April 22. A jury trial, if moved forward by both parties, wouldn’t come till 2025 at the current pace.
