The federal court has set a deadline for considering the merits in the case filed by the software company Consensys The US Securities and Exchange Commission and its Commissioners.
The US District Court for Northern District of Texas Judge Reed O’Connor set deadlines for SEC and Consensys attorneys to submit opening briefs and opposing briefs, by respectively September and November.
A 28-day extension was also given by the court to SEC for its response to the complaint.
Timeline
The timeline states that all five SEC Commissioners and regulators must submit their responses by July 29. Reply briefs are due on November 26.
Bill Hughes, Consensys’ senior counsel for global regulation and director of Consensys Legal Services said this in an article published on the 2nd July. social media post He said he expected a decision on the case in December. In his writing, he referred to the lyrics of a popular Christmas song:
“It’s beginning to look a lot like Christmas.”
Consensys sued the SEC for “discrimination” in April.unlawful” By trying to assert control on the “future of crypto” By regulating through the enforcement of laws Ethereum (ETH), as a financial instrument.
Consensys announced in June that the SEC was a victim of fraud. ended its investigation into ETH. The SEC filed its own documents on ETH. own Consensys is accused of operating illegally as a broker.
SEC authority
Due to potential implications on SEC regulatory authority, legal experts are closely following the civil case. The SEC is involved in several ongoing lawsuits, including against several other crypto firms. Coinbase, BinanceRipple Labs and.
The SEC’s crypto regulatory approach is described by Mark Uyeda. He was also named as a defendant in the Consensys case. “problematic” Separately, on the first of July.
Two opinions from the US Supreme Court could affect how the SEC deals with enforcement cases. In one opinion, the US Supreme Court determined that SEC defendants who are accused of securities fraud have a right to a trial by jury. Another requires courts to determine whether federal agencies like SEC acted in accordance with their statutory powers.
The SEC may be able to use this outcome in future enforcement efforts.
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“This article is not financial advice.”
“Always do your own research before making any type of investment.”
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Source: cryptoslate.com