A federal judge has approved a timeline for the court to consider the merits of the lawsuit filed by Consensys against the SEC and its commissioners. The deadlines require SEC and Consensys lawyers to file opening and opposition briefs by September and November. The judge granted the SEC a 28-day extension to respond to the complaint.
According to the approved 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 Bill Hughes expects a ruling on the case around December and referenced a Christmas song in a social media post.
Consensys filed the lawsuit against the SEC in April, claiming the regulator was trying to assert control over the future of crypto through actions aimed at regulating Ethereum as a security. Although the SEC had reportedly ended its investigation into ETH, they subsequently filed a lawsuit accusing Consensys of operating as an unregistered broker.
Legal experts in the crypto sector are closely watching the civil case due to its potential implications for the SEC’s regulatory authority. The SEC is currently involved in pending lawsuits against other crypto firms, including Coinbase, Binance, and Ripple Labs. Commissioner Mark Uyeda criticized the SEC’s approach to crypto regulation as “problematic.”
The SEC and Consensys lawsuits were initiated prior to two Supreme Court opinions that could impact how the commission handles enforcement cases. The outcome of this case may have significant ramifications on the regulatory landscape of cryptocurrencies and the SEC’s future enforcement strategies. This article was mentioned in the latest Alpha Market Report.
