Coinbase and SEC Report Stipulation and Proposed Protecting Order

Digital asset exchange, Coinbase, and the United States Securities and Exchange Commission (SEC) have submitted a Stipulation and Proposed Protective Order in line with the court’s previous decision. A stipulation and order means that both parties reached an agreement on certain issues with the court giving it judicial approval. As a result, the court can enforce the terms of the contract should a party allege a breach. 

Agreement to Guide Production of Documents

In a letter to Judge Katherine Polk Failla, both parties signed documents relating to requests and production of documents. According to the agreement, both parties would cooperate in good faith to address issues raised out of documents produced. 

“Should the Receiving Party Have questions about any reductions to the documents, any particular categories of documents, any log entry with metadata information, or the descriptions setting forth any assertion of privilege or protection, The parties will meet and confer in good faith to address the said questions.” 

In an event where the parties are unable to resolve the dispute, it shall be presented to the court subject to Rule 3(C) of the Court’s Individuals Rules. Furthermore, in an event where a party inadvertently shared Protected information, the said party must inform the other stating the exact information and basis for a claim of privilege within a reasonable time. 

Within five days of receipt, the receiving party shall return, destroy, or sequester any copies of the specified protected information. 

Coinbase and SEC Rumble 

This development comes amid the ongoing lawsuit which has seen several back and forth igniting debates within the crypto community. Last week Coinbase filed an interlocutory appeal seeking to answer whether a digital asset transaction that poses no obligation to the issuer is an investment contract. 

Previously Coinbase’s request to dismiss the SEC’s suit was dismissed prompting steps to appeal. The SEC has continued its regulatory drive on the crypto sector while firms like Coinbase have vowed to fight for regulatory clarity for the wider market. 

Also Read: Samson Mow Warns Against  Politicians’ Pro-Crypto Shift 

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David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

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