By the court’s earlier ruling, the US Securities and Exchange Commission (SEC) and digital asset exchange Coinbase have filed a Stipulation and Proposed Protective Order. A stipulation and order indicate that the parties agreed on specific matters and that the court approved it. If a party claims a breach, the court has the authority to enforce the agreement’s provisions.
Consent to Direct Document Production
Each party signed a letter to Judge Katherine Polk Failla regarding releasing documents and requests. The agreement stated that both parties would work together in good faith to resolve any difficulties raised by the provided materials.
“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.”
If the parties cannot come to an agreement, the disagreement will be brought before the court per Rule 3(C) of the Court’s Individuals Rules. Additionally, in the unlikely event that one party unintentionally divulges Protected material, the other party must promptly notify the other party, providing precise details and the foundation for any privilege claim.
The receiving party must return, destroy, or sequester any copies of the designated protected information within five days of receiving it.
SEC Rumble and Coinbase
This development coincides with the ongoing lawsuit, which has sparked back-and-forth discussions among the cryptocurrency community. Last week, Coinbase filed an interlocutory appeal to determine whether a digital asset transaction that carries no risk to the issuer qualifies as an investment contract.
Before this, Coinbase’s request to have the SEC’s lawsuit dismissed was denied, which led to an appeal. While companies like Coinbase have pledged to fight for regulatory clarity for the larger market, the SEC has persisted in its regulatory push against the cryptocurrency sector.
