New Judge Assigned to SEC vs Coinbase Lawsuit Sparks Controversy
Summary: Although Judge Katherine Polk Failla has taken over the case of SEC v. Coinbase, experts say that her substitution was unwarranted. However, she does know her way around crypto, as she presided over Tether and Bitfinex case. May be that's the justification.
The present judge in the case brought by the U.S. Securities and Exchange Commission (SEC) and Coinbase has been changed, marking a new event less than 10 days after the SEC first filed accusations.
SEC Behind Crypto Firms
The body that oversees cryptocurrencies had filed cases against Coinbase and Binance, two of the largest cryptocurrency exchanges in the world. To run its staking-as-a-service business, leading US exchange Coinbase was accused of conducting an unregistered securities offering.
Meanwhile, despite a sustained decline in asset prices after rumors of a US regional banking crisis, the cryptocurrency market exhibited relatively little negative response to the back-to-back lawsuits.
Familiarity with Crypto Terms?
Judge Katherine Polk Failla, who previously presided over a different crypto case involving Tether and Bitfinex, has taken over the SEC v. Coinbase dispute. However, MetaLawMan claims there was no compelling justification for the Judge’s replacement. The new judge supposedly has some familiarity with crypto language thanks to her prior experience.
The MetaLawMan account tweeted,
“A new judge has been assigned to the SEC Vs Coinbase case in New York federal court, to replace rookie Judge Jennifer Rearden. The new Judge assigned is Katherine Polk Failla.”
However, MetaLawMan claims there was no compelling justification for the Judge’s replacement.
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