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A federal judge has approved a court schedule to consider the merits of the lawsuit brought by the software company. Consensus Against the U.S. Securities and Exchange Commission (SEC) and its Commissioners.
In a July 1 filing in the U.S. District Court for the Northern District of Texas, Judge Reed O’Connor set deadlines requiring attorneys for the SEC and ConsenSys to file opening and opposition briefs by September and November, respectively.
In addition, the judge granted the SEC a 28-day extension to respond to the complaint.
timetable
Under the timeline, all five SEC commissioners and the regulator must submit their responses by July 29, with response briefs due by November 26.
Bill Hughes, Senior Legal Counsel and Global Regulatory Affairs Director at Consensys, said on July 2: Posted on social media He said he expected a verdict in the case by December. Recalling the Christmas carol, he wrote:
“It’s starting to feel a lot like Christmas.”
Consensys filed its lawsuit against the SEC in April, alleging that the regulator was “illegal“By attempting to impose control over the ‘future of cryptocurrencies’ through enforcement actions aimed at regulating Ethereum (ETH) as security.
In June, Consensys reported that the SEC had Her investigations are over. to ETH. However, the SEC later filed its own lawsuit, alleging that Consensys was operating as an unregistered broker.
Securities and Exchange Commission Authority
The civil case is being closely watched by crypto legal experts because of its potential implications for the SEC’s regulatory authority. The regulator is currently involved in several pending lawsuits against other crypto companies, including Coinbase, Binanceand Ripple Labs.
In a separate statement released on July 1, Commissioner Mark Ueda, who is also named in the Consensys lawsuit, called the SEC’s approach to regulating cryptocurrencies “problematic.”
The lawsuits between the SEC and ConsenSys were filed before the U.S. Supreme Court issued two opinions that could affect how the agency handles enforcement cases. One opinion held that defendants in civil SEC cases involving securities fraud are entitled to a jury trial, while another opinion requires courts to assess whether a federal agency like the SEC acted within its legal authority.
The outcome of this case could have significant implications for the cryptocurrency regulatory landscape and the SEC’s future enforcement strategies.
