The US Securities and Exchange Commission (SEC) got a green flag from a New York judge to proceed with the <a href="https://news.todayq.com/sec-scores-partial-win-against-coinbase-whats-next/" rel="noopener noreferrer nofollow">lawsuit filed against Coinbase</a>. This suggests that the legal battle between the two giants is far from over. However, the US’s biggest crypto exchange is expected to continue to defend its position in the case through various litigation stages. What’s next in the Coinbase case? 
US SEC is claiming that Coinbase had failed to register as a securities business according to the law. It remains crucial to what are the next steps in the Coinbase case following Judge Failla’s ruling.
As per experts, the next step would be that the court will set a full discovery schedule. This will allow both Coinbase and the commission to request documents and evidence that are relevant to the case. It is expected that this phase could potentially uncover details that undermine or strengthen each party’s arguments.
In terms of evidence gathering, the crypto exchange might aim to gather as much evidence as possible to support its defense. This can directly be done by scrutinizing the SEC’s actions and internal communications. However, the SEC can also seek evidence to support its claims against Coinbase.
Eleanor Terrett, a journalist at Fox Business, in a post, suggested that the discovery process can turn out to be similar to what occurred in the Ripple case. This can take many months to complete. Still, there may be several additional stages such as filing summary judgment briefs before potentially proceeding to trial. Overall, the legal proceedings are expected to last over a year at the very minimum. Interlocutory appeal coming next? 
She added that Coinbase may go for filing an interlocutory appeal on some or all parts of the denial of the motion to dismiss. This will entirely depend on advice from its legal team. However, interlocutory appeals before final judgments are notoriously difficult to obtain.
The major probability emerging in the case may involve appeals to higher courts. She mentioned that the final resolution could require a decision by the US Supreme Court. This is so as the outcome of the case will hold high implications for Coinbase and the broader crypto industry. A win for the US SEC here could establish the SEC’s jurisdiction over crypto firms.
The global digital assets market is witnessing a surge in selling pressure for the past few days. However, the cumulative crypto market cap recorded a marginal drop on Thursday to stand at $2.64 trillion.

Can Coinbase still win it against US SEC? What’s next in the case

Todayq News

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