Northern

A federal judge overseeing software firm Consensys’ lawsuit against the United States Securities and Exchange Commission (SEC) and its commissioners has greenlighted a timeline for the court to consider the case’s merits.
In a July 1 filing in the U.S. District Court for the Northern District of Texas, Judge Reed O’Connor granted a motion requiring SEC and Consensys lawyers to file opening and opposition briefs by September and November, respectively. The judge also granted the SEC a 28-day extension to respond to the complaint. 
As part of Judge O’Connor’s timeline, all five SEC commissioners and the regulator will need to file answers by July 29, with reply briefs filed by Nov. 26. Bill Hughes, Consensys’ senior counsel and director of global regulatory matters, <a href="https://x.com/BillHughesDC/status/1808141882762891747" target="_blank" rel="noopener nofollow">said</a> in a July 2 X post that he expected a ruling on the case to happen around December. 
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/8db741cd-2722-4026-b38f-ec770a7e47bc.png">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/BillHughesDC/status/1808141882762891747" target="_blank" rel="noopener nofollow">Bill Hughes</a>
 </figcaption>
</figure>
Consensys <a href="https://cointelegraph.com/news/consensys-lawsuit-sec-ethereum">filed its lawsuit</a> against the SEC in April, alleging the regulator had orchestrated a campaign “to seize control over the future of cryptocurrency” with enforcement actions aimed at regulating Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) as a security. 
Consensys <a href="https://cointelegraph.com/news/sec-ethereum-investigation-court-consensys">reported in June</a> that the commission had dropped its investigation into ETH. However, the SEC <a href="https://cointelegraph.com/news/sec-sues-consensys-metamask-brokerage-staking-services">filed its own lawsuit</a> days later, alleging that the software firm had been operating as an unregistered broker.
Related:&nbsp;<a href="https://cointelegraph.com/news/sec-policy-ether-consensys-lawsuit">Impact of shifting SEC policy on ETH ‘yet to be seen’ — Consensys SC</a>
Many legal experts in the cryptocurrency field have been closely following the civil case due to its potential implications for the SEC’s authority. The commission has several pending lawsuits against crypto firms, including Coinbase, Binance, and Ripple. Commissioner Mark Uyeda — also named in the Consensys lawsuit — <a href="https://cointelegraph.com/news/sec-commissioner-mark-uyeda-calls-out-problematic-crypto-filing-approach">called the SEC’s approach</a> to crypto “problematic” in a July 1 statement unrelated to the case.
The SEC and Consensys lawsuits were filed before the U.S. Supreme Court <a href="https://cointelegraph.com/news/scotus-sec-opinions-enforcement-crypto">released two opinions</a> that could impact how the commission handles enforcement cases. One opinion held that defendants in SEC civil cases concerning securities fraud were entitled to a jury trial. Another would require courts to determine whether a federal agency like the SEC “acted within its statutory authority.” 
Magazine: <a href="https://cointelegraph.com/magazine/godzilla-vs-kong-can-sec-prevail-against-crypto-legal-firepower/">Godzilla vs. Kong: SEC faces fierce battle against crypto’s legal firepower</a>

Judge signs off on expedited schedule for Consensys suit against SEC

Cointelegraph

Egyéb ezen a dátumon (2024. júl. 2.) megosztott cikkek

Bitcoin Price Analysis: Was Sub-$60K a Bear Trap? 5 Things to Learn About Bitcoin This Week

Is The 'Bitcoin Trump Pump' Sustainable? Here's What 10x Research Thinks

Why is Bitcoin going up? Is the BTC market bottom finally behind us?

Meme Coin Market Enters Stalemate: Pepe Unchained Presale Hits $1.9M First Week

Astar Network To Burn 350 Million ASTR Allocation For Auction

Bitcoin Surges 4.5% Over Weekend; Analysts Say Bottom Is In: $65,000 or $70,000 Next?

Join our free newsletter for daily crypto updates!