Coinbase filed an MTD, arguing the SEC lacks the statutory authority to regulate crypto exchanges. 17, Cointelegraph reported that U. The SEC sued Coinbase just one day after it sued Binance in June 2023. ) (Signed by Judge Katherine Polk Failla on 7/20/2023) (ama) July 20, 2023 Filing 33 JOINT LETTER addressed to Judge Katherine Polk Failla from W. Deputy Phone: (212) 805-0290. The new Judge assigned is Katherine Polk Failla. If Judge Failla denies Coinbase's request for the lawsuit to be dismissed, it likely prompts the discovery phase for a Arguing in front of Judge Katherine Polk Failla of the Southern District of New York, Coinbase's lawyers sought to dismiss the SEC's lawsuit from June 2023 that alleges the firm operates illegally District Judge Hon. S. Jan 17, 2024 · Coinbase and the U. 51%decrease; red down pointing triangle Based on how quickly Failla and her court have issued rulings in the past, some analysts expect the decision to come anytime between now and this summer. Months after trying to toss the US Securities and Exchange Commission’s case against it, Coinbase will soon face the agency in federal court. 5% in early afternoon trading. , Responses due by 10/3/2023, Replies due by 10/24/2023. Learn More Jan 17, 2024 · Arguing in front of Judge Katherine Polk Failla of the Southern District of New York, Coinbase's lawyers sought to dismiss the SEC's lawsuit from June 2023 that alleges the firm operates illegally As the SEC sought to make its case that assets listed by Coinbase — as well as the exchange's staking and wallet services — meet the bar set by Howey, Judge Failla made clear that she's Apr 18, 2024 · Judge Failla’s Ruling in Coinbase may prove to have significant implications for the cryptocurrency industry. Apr 24, 2024 · Coinbase, Inc. However, the presiding judge dismissed one claim the regulator had made Mar 27, 2024 · Shares in Coinbase were down about 1. Securities and Exchange Commission submits a notice of supplemental authority informing the court about Judge Failla’s ruling in SEC v. Feb 16, 2024 · Coinbase shares rallied 14. With Judge Failla’s latest statement The industry has seized on a reference from Failla in her Uniswap ruling to Ethereum being a commodity. The SEC accuses Coinbase of selling securities illegally, highlighting concerns about investor safety. The big picture: Coinbase asserted the Major Questions Doctrine, a principle that puts Congressional regulatory action ahead of administrative agencies, in effect, questioning the SEC's jurisdiction over the exchange and others like it. Coinbase and representatives from the SEC will address the Court on July 13. . Both the SEC and Coinbase agreed that the tokens themselves are not securities. District Judge Katherine Polk Failla heard arguments from the SEC and Coinbase on the crypto exchange’s motion for dismissal over a period of five hours. Judge Failla acknowledged Coinbase’s arguments but expressed reservations, stating she had “strong views about the disproportionate burden of inquiry into Mr. FIT21 passing by the House strengthened Coinbase's argument over the SEC's authority over crypto. rarrarorro/Shutterstock modified by Blockworks. The court not only ruled in the SEC’s favor on its allegations that the 13 tokens at issue are securities, but also endorsed significant aspects of the broad reading of the Howey test in Terraform. Mar 28, 2024 · U. SEC will appear in court for a hearing on Jan. E. District Judge Katherine Polk Failla wrote that “the Court finds the SEC has sufficiently pleaded that Coinbase operates as an exchange, as a broker, and as a clearing agency under the Jul 24, 2023 · Judge Failla responded by an approval granted “in part,” which included Coinbase’s deadline of Aug. Earlier this week, the DeFi Education Fund sued the SEC on similar grounds. The judge appeared dismissive of Jan 17, 2024 · Read more: Coinbase pushes to dismiss SEC lawsuit “I am concerned that what you’re asking for is too broad,” Presiding Judge Katherine Polk Failla told SEC attorney Patrick Costello in response to the agency’s proposed implementation of the Howey test, the Supreme Court-determined standard for identifying an investment contract. and Coinbase Global, Inc. In the latest development in the tussle Mar 27, 2024 · Crypto lawyer Mike Selig said in an X post that it was a "significant setback for SEC w/ Judge Failla granting Coinbase’s motion to dismiss SEC’s claim that Coinbase acted as a broker by Apr 18, 2024 · Coinbase, Inc. “I won’t predict how Judge Failla will rule on Coinbase’s Oct 4, 2023 · First of all, the SEC told U. The court agreed with the requirement for discovery and depositions in the lawsuit as disputes rises. presiding Judge Katherine Failla heard oral arguments from Coinbase and the SEC Mar 27, 2024 · In her 84-page decision, Failla argued that the SEC had adequately alleged that Coinbase, the leading crypto exchange in the U. Usually, I would argue an MTD at this stage has less than a 5% chance at success. District Judge Katherine Polk Failla of Manhattan, the Supreme Court has never applied the major questions doctrine to a federal agency’s exercise of enforcement Jan 18, 2024 · The hearing, presided over by Judge Katherine Polk Failla of the U. “The SEC is not announcing a new regulatory policy,” Judge Failla wrote today, dismissing such Aug 31, 2023 · The SEC case against Coinbase has significant implications for the crypto industry in the U. Despite the uncertainty, Coinbase has In the lawsuit, Coinbase was accused of operating as an unregistered broker, exchange, and clearing agency, raising concerns about potential violations of financial regulations. Jun 29, 2023 · In its filings—which include a short letter to Judge Failla and a 177-page formal answer to the SEC’s complaint—Coinbase relies heavily on SEC Chairman Gary Gensler’s own public comments Mar 27, 2024 · Judge Katherine Polk Failla, of the U. Jul 13, 2023 · Coinbase on Thursday began its defense against an SEC lawsuit that challenges the crypto exchange's right to operate. Coinbase maintains Gensler’s communications are relevant for understanding the regulatory context. District Judge Katherine Polk Failla partly granted Coinbase's motion to dismiss the SEC's lawsuit which alleges the company is flouting its rules. According to Coinbase, the lawsuit should be dismissed. A federal judge in Manhattan on Wednesday said the US securities regulator’s lawsuit against Coinbase can move Jan 17, 2024 · NEW YORK—A federal judge on Wednesday questioned whether allowing the Securities and Exchange Commission to impose its regulations on Coinbase COIN -2. 31% to $189. crypto exchange, forcing the Oct 23, 2023 · “This Coinbase Motion to Dismiss has real teeth to it. Apr 1, 2024 · On Wednesday, Judge Katherine Failla of the Southern District of New York rejected Coinbase's motion to dismiss the SEC's lawsuit against the leading U. Coinbase lawyer William Savitt argued that cryptocurrencies aren’t securities because they don’t grant rights to buyers like stocks or bonds. With similar legal battles unfolding between the SEC and other crypto exchanges like Binance and Kraken, the stage is set for potential appeals and a broader debate that could Jul 12, 2024 · Judge Failla criticizes Coinbase’s attempt to subpoena SEC Chair Gensler’s communications, calling it surprising. Mancuso dated July 20, 2023 re: Proposed Briefing Schedule. Gensler’s statements before he Mar 27, 2024 · U. ” Based on the 1946 Supreme Court case SEC v. , the biggest US cryptocurrency-trading platform, claiming the company failed to register as a Mar 27, 2024 · US District Judge Katherine Polk Failla ruled that under federal securities laws, “the SEC has sufficiently pleaded that Coinbase operates as an exchange, as a broker, and as a clearing agency Mar 28, 2024 · A federal judge in Manhattan on Wednesday (March 27, 2024) stated that the US SEC's lawsuit against Coinbase may proceed. A new judge has been assigned to the SEC v @Coinbase case in New York federal court, to replace rookie Judge Jennifer Rearden. Mar 27, 2024 · US District Judge Katherine Polk Failla has denied Coinbase’s motion to dismiss the Securities and Exchange Commission’s (SEC) lawsuit against it. Judge Katherine Polk Failla began Wednesday’s hearing by crediting the “DeFi people” for filing a “really fine” amicus brief on behalf of Coinbase months ago, which explained blockchain staking “arguably better” than the Securities and Exchange Commission (SEC) had previously done. 17. crypto exchange, forcing the proceedings Jan 27, 2024 · Experts anticipate Judge Failla to deliver a ruling on Coinbase’s case in the coming weeks, given the complexity and significance of the legal arguments presented. However, the SEC argued that the nature of Overall, the hearing outcome remains uncertain, but Judge Failla’s probing questions and skepticism toward the SEC’s arguments indicate a potential shift in favor of Coinbase. Jul 13, 2023 · Judge Katherine Failla is presiding over the case. District Judge Katherine Polk Failla of Manhattan held that because at least some crypto trades on the Coinbase platform met the longstanding definition of an investment contract, the SEC can The Citi analyst also raised his price target on Coinbase to $151 from $90. Coinbase has requested that New York District Judge Katherine Polk Failla dismiss the suit Jan 17, 2024 · When Judge Katherine Polk Failla, who is presiding over the case, asked lawyers for the SEC why she should not listen to Senator Lummis in dismissing the lawsuit, representation for the SEC claimed she would be overriding over ninety years of modern securities law, citing the “Howey test. US, and Changpeng “CZ” Zhao after the Binance class action lawsuit. The SEC’s case alleges that Coinbase operates as an unregistered exchange, broker, and clearing agency and claims that its Staking Program involves the unregistered offer and sale of securities. Coinbase’s defense strategy hinged on drawing parallels with a separate case involving Ripple Labs Mar 27, 2024 · Judge Failla's ruling allowed most aspects of the lawsuit to proceed, except for the SEC's claims that Coinbase acted as an unregistered broker through its wallet application. Jan 26, 2024 · At the hearing, Judge Katherine Polk Failla appeared to endorse some of Coinbase’s concerns about S. Coinbase. This will be the second valid supplemental authority against Binance, Binance. Mar 27, 2024 · 2:44. Thurgood Marshall United States Courthouse 40 Foley Square New York, NY 10007. On the other hand, if Judge Failla considers the Terraform Jan 18, 2024 · On Wednesday, January 17, a New York District Judge, Katherine Polk Failla, grilled and listened to all the attorneys from Coinbase Global Inc (NASDAQ: COIN) and the United States Securities and The company has asked Judge Katherine Polk Failla of the U. According to Judge Failla, the SEC's argument meets that bar. , the biggest US cryptocurrency-trading platform, claiming the Mar 6, 2024 · In a March 5 letter to U. The Block announces Emergence: join us in Prague December 5-6, 2024. The motion, filed by Coinbase in August, sought to dismiss the lawsuit brought forth by the SEC in June 2022. C. Jan 17, 2024 · The big picture: Judge Katherine Failla noted from the bench that she did not want to rule in such a way that it would open up cause for action for lots of other assets, such as collectibles. 29 in after-hours trading as investors reacted to Q4 earnings results. District Judge Katherine Polk Failla in Manhattan denied Coinbase's bid to dismiss a Securities and Exchange Commission lawsuit claiming it illegally facilitated the trading of Mar 27, 2024 · The test is used to determine whether an asset can count as an investment contract. During the court appearance on July 13, Judge Katherine Polk Failla will determine if Coinbase will be allowed to Apr 18, 2024 · Judge Failla found that the risks of loss associated with Coinbase’s staking program were sufficient to support a Howey “investment of money,” even though “such downsides might be remote Jan 18, 2024 · Judge Failla’s ruling on the Coinbase MTD could prove pivotal to the US crypto market. District Court for the Southern District of New York, delved into the complexities of defining securities in the context of cryptocurrency transactions. Oct 24, 2023 · Judge Failla’s role The case between the SEC and Coinbase is being overseen by Judge Katherine Polk Failla, who was appointed by former President Barack Obama in 2013. Securities and Exchange Commission (SEC) attempted to Jan 21, 2024 · The Citi analyst also raised his price target on Coinbase to $151 from $90. Both parties could subsequently file motions for summary judgment before potentially heading to trial Jan 18, 2024 · Failla did not decide the matter from the bench, noting she was still weighing some questions after the more than four-hour hearing. District Judge Katherine Polk Failla partly granted Coinbase's motion to dismiss the Securities and Exchange Commission's lawsuit alleging the company is The SEC sued Coinbase in June, May 29, 2024 · Judge Failla signed orders proposed orders related to the discovery phase in the Coinbase vs SEC case. Mar 27, 2024 · U. 4 for the initial brief and Aug. Coinbase Chief Legal Officer Paul Grewal said in a social media post on X that the exchange was prepared for the ruling and Jan 16, 2024 · January 16, 2024 04:58 pm. If Judge Failla grants the MTD, US lawmakers may force the SEC to cease regulating US crypto exchanges. Jan 17, 2024 · Arguing in front of Judge Katherine Polk Failla of the Southern District of New York, Coinbase's lawyers sought to dismiss the SEC's lawsuit from June 2023 that alleges the firm operates illegally Jan 18, 2024 · Lawyers for the SEC and Coinbase clashed in court on Wednesday, January 16. a lawyer for Coinbase. District Judge Katherine Failla on March 27 denied Coinbase’s bid to dismiss a Securities and Exchange Commission’s lawsuit, finding the SEC “sufficiently pleaded” Coinbase was Mar 27, 2024 · U. Savitt and P. law. overreach, saying the commission may be “sweeping too broadly. , had operated outside of securities laws by offering products Sep 3, 2023 · “The only way Ripple and the SEC settle before the end of the year is if Judge Failla grants the Coinbase MTD (or partially grants it – finding token sales on an exchange in a blind bid/ask Jul 11, 2024 · Judge Failla said she didn’t necessarily agree with Coinbase’s arguments but agreed to listen to them, adding she had “strong views about the disproportionate burden of inquiry into Mr Apr 5, 2024 · On March 27, U. District Judge Katherine Failla, Coinbase attorney Michael Savitt urged the judge to rebuff the SEC’s previous classification of crypto sales on a secondary market as Judge Katherine Polk Failla ruled mostly against Coinbase after an initial motion for judgment, dismissing the SEC's claims about Coinbase Wallet but leaving a substantial part of the complaint Mar 27, 2024 · Coinbase loses bid to toss SEC suit as feds move to rein in huge crypto exchange. The SEC argues that Gensler’s pre-chair communications are irrelevant and requests to quash the subpoena. The Jan 21, 2024 · On Jan. Jan 17, 2024 · Coinbase VS SEC on Staking. Judge Failla denied the motion, in part, finding that the SEC sufficiently pled facts to show that transactions in at least some of the crypto assets identified in its Complaint are “investment contracts” and that Coinbase offers and sells its Staking Program as an investment contract under Howey Jun 17, 2023 · Judge Katherine Polk Failla, who now assumes control of the SEC Coinbase lawsuit, brings previous experience overseeing a similar crypto-related case involving Tether and Bitfinex. The implications of this case extend beyond the immediate parties involved, as it could set a precedent for how cryptocurrencies are regulated and classified as Jan 18, 2024 · Judge Failla’s ruling on the Coinbase MTD could prove pivotal to the US crypto market. Judge Katherine Polk Failla ruled mostly against Coinbase after an initial motion for judgment, dismissing the SEC's claims about Coinbase Wallet but leaving a substantial part of the complaint Mar 5, 2024 · On Monday, the agency informed Failla, opens new tab that U. About 13 tokens including Solana (SOL), Cardano (ADA), and Polygon (MATIC) were listed as unregistered securities in the lawsuit. Katherine Polk Failla. Oral arguments on Coinbase’s motion to dismiss the SEC’s lawsuit, filed last June, will kick off in Manhattan Wednesday Mar 27, 2024 · Buried within Judge Failla’s 84-page judgment was a rejection of Coinbase’s claim that the SEC has violated federal law by failing to disclose its crypto policy. Escaping Liability Apr 13, 2024 · This is a result of a decision taken by Judge Katherine Polk Failla before she turned down Coinbase’s motion to dismiss its case with the SEC. ” Jan 18, 2024 · On Wednesday, January 17, U. That description may “hint at Judge Failla’s thinking on the categorization of certain crypto assets as commodities or securities, which will be critical to the outcome of the Coinbase suit,” Gugel said. This familiarity with the complexities of cryptocurrency terminology is expected to benefit the new judge in understanding the intricacies of the current case. This legal confrontation marks a pivotal moment in the SEC's efforts to apply traditional securities laws to the rapidly evolving digital asset sector. Read this to learn more about the SEC case against Coinbase: SEC Condemns Coinbase Operating Structure in Lawsuit Jan 17, 2024 · Judge Katherine Polk Failla on Wednesday heard arguments from both sides, focusing her questions on the legal precedent defining securities, and the attributes of several crypto tokens traded on Apr 1, 2024 · On Wednesday, Judge Katherine Failla of the Southern District of New York rejected Coinbase’s motion to dismiss the SEC’s lawsuit against the leading U. The letter, filed on November 16, 2023, suggests an equal division of the four hours set aside for the argument, demonstrating a mutual understanding of Jun 6, 2023 · SO ORDERED. , ( Brief due by 8/4/2023. District Judge Katherine Polk Failla deliberated on Coinbase’s motion to dismiss the SEC’s case. The US Securities and Exchange Commission can proceed with its lawsuit against Coinbase Inc. District Court for the Southern District of New York, on Wednesday ruled against most of Coinbase's motion to dismiss the SEC lawsuit, finding that the US District Judge Katherine Polk Failla partly granted Coinbase’s motion to dismiss the Securities and Exchange Commission’s lawsuit alleging the company is flouting its rules. Murphy, the founder of MetaLawman, revealed in a series of tweets that a new judge has taken the reins from Judge Jennifer Rearden. District Court for the Southern District of New York to throw out the case – a longshot request, but one that she may be taking very New York District Judge Katherine Polk Failla grilled the SEC in court, asking direct questions about what constitutes a security. The U. Mar 28, 2024 · In a court filing late March 27, the plaintiff U. If Judge Failla denies Coinbase's request for the lawsuit to be dismissed, it likely prompts the discovery phase for a Jan 17, 2024 · Arguing in front of Judge Katherine Polk Failla of the Southern District of New York, Coinbase’s lawyers sought to dismiss the SEC’s lawsuit from June 2023 that alleges the firm operates Jan 15, 2024 · If Judge Failla dismisses the MTD, the SEC v Coinbase case will deliver more uncertainty to the US digital asset space. Judge Failla's "scheduling order" establishes the timeline for legal arguments and evidence Jan 18, 2024 · If Judge Failla denies Coinbase’s motion for dismissal, the case will proceed to discovery. Courtroom: 618 Jan 16, 2024 · On Wednesday, January 17, Judge Katherine Failla will hear oral arguments on the Coinbase motion. If she sides with Coinbase, the exchange will be able to Jan 17, 2024 · Arguing in front of Judge Katherine Polk Failla of the Southern District of New York, Coinbase’s lawyers sought to dismiss the SEC’s lawsuit from June 2023 that alleges the firm operates Mar 28, 2024 · By Bob Van Voris | March 28, 2024. The denial wasn’t unexpected, as even Paul Grewal, Coinbase’s chief legal officer, noted that the team “ [was] prepared” for this type of Nov 17, 2023 · Coinbase, a leading crypto exchange, and the SEC sent a joint letter to Judge Failla, highlighting the critical nature of the upcoming oral argument on the motion for judgment on the pleadings. I believe Judge Failla could issue a huge victory to May 10, 2024 · Judge Katherine Polk Failla, who's overseeing the SEC's case against Coinbase, will have to rule on the motion for interlocutory appeal. Notably, Judge Failla recently dismissed a class action lawsuit brought against Uniswap Labs, the Uniswap Foundation, and investors Paradigm, Andreessen Horowitz, and Union Jan 6, 2024 · If Judge Failla grants the Coinbase MTD, the SEC case to appeal against the Programmatic Sales of XRP ruling could significantly weaken. 11 for supporting documents. Coinbase faces critical deadlines in its legal battle with the SEC, with key submissions due on August 4 and October 3, 2023. Coinbase sued the SEC and FDIC, accusing them of obstructing industry growth by withholding information. Judge Failla denied the motion, in part, finding that the SEC sufficiently pled facts to show that transactions in at least some of the crypto assets identified in its Complaint are "investment contracts" and that Coinbase offers and sells its Staking Program as an investment contract under Howey. The ruling from Judge Failla in the Uniswap potentially gives insight into what market participants can expect in the regulatory battle. A federal judge in New York will hear a lengthy four hours of oral Jun 17, 2023 · James A. To that point, Coinbase's counsel noted that the idea of buying something to make money on it because "an ecosystem" could enhance its value "could be Jun 30, 2023 · Coinbase did not immediately respond to CoinDesk's request for further comment. Apr 2, 2024 · Judge Katherine Polk Failla ruled mostly against Coinbase after an initial motion for judgment, dismissing the SEC's claims about Coinbase Wallet but leaving a substantial part of the complaint Jan 16, 2024 · Coinbase is poised to argue with the Securities and Exchange Commission over whether its business model is violating U. A lack of a regulatory framework could allow the SEC to continue regulating Mar 28, 2024 · U. The ruling of the court on Judge Failla’s decision portrays the intentionality of buying the token on Coinbase to invest in the digital platform operated by the token, which could be seen as being Jul 12, 2024 · Coinbase argued that Gensler’s personal emails on crypto matters were relevant, but Judge Failla expressed concerns about privacy and was not persuaded by the arguments. New York Judge Judge Katherine Polk Failla heard arguments for and against Coinbase’s motion to dismiss the SEC’s lawsuit. "The court finds that the SEC has adequately pleaded that Coinbase customers engaged in transactions involving the Crypto-Assets that amounted to 'investment contracts' under Howey," Failla said. Jul 24, 2023 · Story Highlights. District Judge Katherine Polk Failla of Manhattan held that because at least some crypto trades on the Coinbase platform met the longstanding definition of an investment contract, the SEC can . District Judge Tana Lin of Seattle concluded in the Coinbase insider trading case that the tokens allegedly purchased with insider Jan 17, 2024 · The two had six overlapping tokens that the SEC marked as securities: SOL, ADA, MATIC, FIL, SAND and AXS. Mar 29, 2024 · Coinbase notched a partial win — and a partial loss — in a judgment from Judge Katherine Polk Failla in the Securities and Exchange Commission’s case against the crypto exchange on Wednesday. wr jv rn ui qw vt oj dw zr ez