The crypto space is witnessing a flurry of legal battles against the Securities and Exchange Commission (SEC), with significant court decisions and impending deadlines set to shape the future of these cases. Each ruling has the potential to influence other pending matters, making it an intense period for crypto litigation.
Attorney James Murphy aka “MetaLawMan” has therefore compiled the most important deadlines over the next few months in the most relevant cases in a Twitter thread.
Probably the most important case, which could have a massive impact on all other crypto vs. SEC cases, is the Ripple lawsuit. Almost four months after the ruling on the Daubert motions, the XRP community is eagerly awaiting a summary judgement from Analisa Torres.
Of particular interest is whether the court will address the issue of secondary sales involving XRP. A date for the ruling is not known, although the latest speculation is that it will occur before or on September 6.
SEC Vs. Crypto: Exchange Wars
SEC vs. Bittrex: The clock is ticking for Bittrex as the deadline (June 30) for filing a motion to dismiss approaches. The SEC’s case against the popular crypto exchange has generated considerable attention, and the outcome will shape future proceedings.
SEC vs. Genesis & Gemini: Genesis and Gemini have filed motions to dismiss their case, arguing that the SEC’s classification of their “Earn Program” as a security is unwarranted. The SEC has until July 21 to respond, making this a case worth watching.
SEC vs. Coinbase: As Bitcoinist reported earlier today, Coinbase, the largest crypto exchange in the US, recently filed a motion to dismiss the SEC’s case against them. The August 7 deadline for the SEC to respond will be a pivotal moment for both parties involved. Coinbase claims that the SEC has no jurisdiction over crypto exchanges while contending that its due process rights were violated when the SEC initiated the case.
SEC vs. Binance: The world’s largest crypto exchange faces a September 21 deadline to file a motion to dismiss. With a consent order in place to safeguard U.S. customer assets, and expedited discovery underway, Binance’s legal battle is gaining momentum.
FTX bankruptcy: September 29 marks the deadline for customers to submit proofs of claim in the FTX bankruptcy case. With over $200 million in fees incurred, the outcome will have significant implications for all parties affected.
Coinbase vs. SEC (3rd Circuit): On October 11, the SEC must report to the court on the status of its consideration of Coinbase’s petition for rulemaking. This case in the Third Circuit will shed light on the path forward for Coinbase and the entire crypto industry as the exchange is challenging the status quo.
Regulatory Clarity Coming Due To Court Cases?
New York Attorney General (NYAG) vs. KuCoin: The New York Attorney General’s claim that Ethereum (ETH) should be classified as a security adds a new twist to the legal landscape. While progress on this case remains unreported, its outcome holds implications for the wider crypto industry, as Murphy emphasizes.
Hodl Law vs. SEC: This case seeks a court ruling that Ethereum is not a security. Currently awaiting a ruling on the SEC’s motion to dismiss, the decision will also have far-reaching consequences for the classification of Ethereum.
Grayscale v. SEC: The conversion of Grayscale’s Bitcoin Trust (GBTC) into an spot ETF hangs in the balance, pending a decision by the D.C. Court of Appeals. After the hearing on March 7, many experts expressed optimism that Grayscale made the better arguments. In addition, BlackRock’s Bitcoin spot ETF filing has increased optimism about a Grayscale victory against the SEC. Craig Salm, CLO at Grayscale recently said, “We’re expecting a decision in Grayscale’s lawsuit against the SEC by Fall 2023.”
Voyager and Celsius bankruptcies: Voyager has confirmed its bankruptcy plan, allowing customers to withdraw a portion of their assets, although issues have been reported. In the Celsius bankruptcy, Fahrenheit has emerged as the successful bidder, pending court approval of the revised plan.
U.S. Trustee vs. FTX (3rd Circuit): The U.S. Trustee is appealing the bankruptcy court’s denial of its motion to appoint an Independent Examiner in the FTX case. FTX and the Official Committee of Unsecured Creditors oppose this appointment, intensifying the legal complexities. While rumours have recently surfaced that a relaunch of FTX is getting closer, as CEO John Ray has reportedly given the floor to bidders looking to fund the new venture.
At press time, the total crypto market cap stood at $1.143 trillion.
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