While Judge Reed O’Connor granted the SEC an extension to respond to Consensys’ lawsuit, he also approved a timeline for considering the case’s merits proposed by the firm.
A federal judge overseeing software firm Consensys’ lawsuit against the United States Securities and Exchange Commission and its commissioners has greenlighted a timeline for the court to consider the case’s merits. In a July 1 filing in the U.S. District Court for the Northern District of Texas, Judge Reed O’Connor granted a motion requiring SEC and Consensys lawyers to file opening and opposition briefs by September and November, respectively. The judge also granted the SEC a 28-day extension to respond to the complaint.
As part of Judge O’Connor’s timeline, all five SEC commissioners and the regulator will need to file answers by July 29, with reply briefs filed by Nov. 26.
Many legal experts in the crypto space have been monitoring the civil case for its potential ramifications on the SEC’s authority. The commission has several pending lawsuits against crypto firms, including Coinbase, Binance, and Ripple. Commissioner Mark Uyeda — also named in the Consensys lawsuit —that could impact how the commission handles enforcement cases. One opinion held that defendants in SEC civil cases concerning securities fraud were entitled to a jury trial.