A federal desire has popular a timeline for the court docket to maintain in mind the deserves of the lawsuit filed by utility agency Consensys against the US Securities and Switch Fee (SEC) and its commissioners.

In a July 1 filing in the US District Court for the Northern District of Texas, Settle Reed O’Connor established time prick-off dates requiring SEC and Consensys attorneys to file opening and opposition briefs by September and November, respectively.

Moreover, the desire granted the SEC a 28-day extension to reply to the criticism.

Timeline

In preserving with the timeline, all five SEC commissioners and the regulator must file their answers by July 29, with reply briefs due by Nov. 26.

Consensys senior counsel and director of global regulatory issues Bill Hughes stated in a July 2 social media submit that he expects a ruling on the case around December. He harkened to a Christmas music, writing:

“It’s origin to inquire plenty cherish Christmas.”

Consensys filed its lawsuit against the SEC in April, alleging the regulator used to be being “unlawful” by making an attempt to express retain watch over over the “blueprint forward for crypto” through enforcement actions aimed at regulating Ethereum (ETH) as a security.

In June, Consensys reported that the SEC had ended its investigation into ETH. However, the SEC therefore filed its possess lawsuit, alleging that Consensys had been operating as an unregistered dealer.

SEC authority

Ultimate consultants in the crypto sector are closely monitoring the civil case attributable to its capacity implications for the SEC’s regulatory authority. The watchdog is currently engaged in numerous pending complaints against other crypto companies, alongside side Coinbase, Binance, and Ripple Labs.

Commissioner Impress Uyeda, furthermore named in the Consensys lawsuit, described the SEC’s on the subject of crypto law as “problematic” in a separate assertion on July 1.

The SEC and Consensys complaints had been initiated earlier than the US Supreme Court issued two opinions that will affect how the commission handles enforcement cases. One thought determined that defendants in SEC civil cases bright securities fraud are entitled to a jury trial, whereas one other requires courts to assess whether or not a federal agency cherish the SEC has acted interior its statutory authority.

The shatter result of this case might possibly well maintain vital ramifications for the regulatory panorama of cryptocurrencies and the SEC’s future enforcement programs.

Talked about listed right here

Ethereum Consensys Coinbase Binance Ripple

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Assad Jafri

Editor & Reporter at CryptoSlate

AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his abilities worldwide for over a decade. Focusing on financial journalism, he now specializes in crypto reporting.

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CryptoSlate is a entire and contextualized source for crypto files, insights, and records. Focusing on Bitcoin, macro, DeFi and AI.

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