Coinbase vs SEC – A Twitter user @MetaLawMan has predicted that Coinbases’ lawsuit against the SEC might move faster compared to Ripple vs. SEC.
In his tweet dated April 25, he pointed out reasons why he thinks the case will take a shorter time. According to the lawyer, the recent lawsuit will not stay long in court because it began in the Appellate Court, not a trial court.
He further pointed out that the case will only involve a “briefing and a hearing” since there will be no deposition and document exchange. Accordingly, the case will move faster because it will not include most of the proceedings of the trial court. Those proceedings include discovery, including depositions and document exchanges.
For clarity’s sake, according to the American Bar Association, discovery in a lawsuit involves “the formal process of exchanging information between the parties about the witnesses and evidence they’ll present at trial.”
This process enables involved parties to be aware of the available evidence to be presented before the trial begins. See his tweet below:
1/ Here's what you should know about the @Coinbase suit against the SEC.
This will move fast–unlike the @Ripple case.
This case begins in the appellate court, not the trial court.
There will be no discovery (depositions and document exchange), just briefing and a hearing.
— MetaLawMan (@MetaLawMan) April 25, 2023
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How Ripple vs SEC Started
On December 2020, the Security and Exchange Commission sued San Francisco-based exchange Ripple. The lawsuit which also involves two of Ripples’ executives- Bradley Garlinghouse and Chris Larsen charges them for allegedly raising $1.3 billion and selling unregistered securities in XRP.
Ripple officially replied to the lawsuit on March 2021 when it asserted that the SEC did not give fair notice before taking legal action. Recently, on April 11 the SEC supported its pending summary judgment motion with a supplemental letter.
On April 14, Ripple filed a reply response to SEC’s supplemental letter. In its response, Ripple maintained that the Commonwealth case that the SEC pointed to is in fact different from the present case.
The case has been in court for over two years and the crypto community is anxiously waiting for Judge Analisa Torres’s ruling. CryptoLaw founder attorney John Deaton has predicted the ruling to happen before May 6.