- SEC reportedly asks Coinbase for extension until February 2025 to provide case documents
- Coinbase, Binance, and Kraken are all facing SEC lawsuits.
The United States Securities and Exchange Commission (SEC) has filed a court extension requesting more time to provide documents related to its lawsuit against cryptocurrency exchange Coinbase, Cointelegraph reported on September 19.
SEC requests extension
According to court documents filed on September 18, the SEC is asking the court to extend the time it has to provide Coinbase with key documents by four months.
The regulator filed the request in the U.S. District Court for the Southern District of New York, and if approved, would be required to share more than 133,000 documents by February 2025.
The SEC’s court filing comes a month before the initial Oct. 18 deadline, when the securities regulator was required to turn over documents as part of the case’s discovery process. The extension, according to the regulator, allows it to produce the necessary documents.
The SEC has sued several cryptocurrency companies.
The latest developments in the SEC v. Coinbase lawsuit add to several other events in recent months and weeks, including court filings and rulings on the regulator’s lawsuits against other major industry players in the legal battle with the SEC, cryptocurrency exchanges Binance and Kraken.
Both courts and U.S. lawmakers have taken issue with the SEC’s use of the term “digital asset security,” which is part of its main argument against cryptocurrency exchanges, which the regulator claims violate securities laws.
The term “digital asset security” does not appear in any law passed by Congress, in any rule promulgated by the SEC, or in any ruling handed down by the Supreme Court. It does not appear in any of the 2 million pages of the Federal Register. If it does not appear in any law… pic.twitter.com/ucSaCzEvOU
— Rep. Richie Torres (@RepRitchie) September 19, 2024
In 2020, the agency sued Ripple Labs over the XRP cryptocurrency. The case dragged on for three years until a notable ruling was issued in July 2023 declaring XRP not a security. The regulator also reached a $4 billion settlement with Terraform Labs.
In August of this year, a judge denied Kraken’s motion to dismiss a lawsuit filed against the exchange by the SEC.