- The SEC v. Coinbase case has been transferred to Judge Katherine Polk Failla.
- The new judge presided over a separate cryptocurrency case involving Tether and Bitfinex.
Less than 10 days after the SEC first filed claims, the judge presiding over the lawsuit between the SEC and Coinbase has been replaced. Coinbase and Binance, two of the major cryptocurrency exchanges, were sued by the cryptocurrency regulator.
It has been alleged that top US exchange Coinbase ran an unregistered security offering. In order to operate its staking-as-a-service business. In the meanwhile, the cryptocurrency market showed surprisingly little negative reaction to the back-to-back lawsuits. Despite a protracted decrease in asset values after fears of a US regional financial crisis.
Previous Crypto Exposure
The SEC v. Coinbase case has been transferred to Judge Katherine Polk Failla, who ruled over a separate cryptocurrency case involving Tether and Bitfinex. However, according to MetaLawMan, the replacement of the Judge was not necessary. The new judge has apparently worked with crypto before, giving her some background knowledge in the field.
Tweeted the MetaLawMan account:
“A new judge has been assigned to the SEC Vs Coinbase case in New York federal court, to replace rookie Judge Jennifer Rearden. The new Judge assigned is Katherine Polk Failla.”
On the other hand, Binance, the largest cryptocurrency exchange, is being subjected to more regulation and new challenges. After being sued in the US and having its license refused in the Netherlands, the exchange is now being investigated by French authorities for “aggravated money laundering.”
Binance CEO Changpeng Zhao dismissed the allegation as “FUD” and said that unannounced on-site inspections of regulated businesses are commonplace in France. Next, he emphasized that the same is true with other crypto trading platforms.
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