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The post Coinbase vs SEC: Judge Failla Takes The Reigns As Swap Raises Eyebrows appeared first on Coinpedia Fintech News
In the ongoing case between the Securities and Exchange Commission (SEC) and cryptocurrency platform Coinbase, a dramatic shift has taken place in the New York federal court. James A. Murphy, the founder of MetaLawman, revealed in a series of tweets that a new judge has taken the reins from Judge Jennifer Rearden.
Recently appointed Judge Jennifer Rearden, a relative “newbie” with just six months of experience, has stepped down from overseeing the case between the SEC and Coinbase. The reason for this sudden change remains undisclosed, leading to speculation in the legal and crypto communities. The experienced Judge Katherine Polk Failla has been appointed in Rearden’s place.
Failla is not new to the world of law or to the particular nuances of the crypto industry. Appointed by former President Obama, she has been handling a high-profile civil action against Tether and Bitfinex, who are alleged to have manipulated cryptocurrency prices using USDT, Tether’s digital token.
The Crypto Connection
Judge Failla’s prior involvement with crypto-related cases brings a noteworthy advantage to the Coinbase case: she has demonstrated an understanding of cryptocurrency terminology and trading market operations. She has even approved discovery requests for documents proving whether USDT is backed on a 1:1 ratio, demonstrating her acumen in the crypto space.
While the reason for Judge Rearden’s departure from the case remains unknown, Murphy speculated on potential conflict of interest issues. Rearden previously worked at the Gibson Dunn firm, which currently represents Binance in another significant SEC case.
This affiliation could have led Rearden to recuse herself from the Coinbase case to maintain judicial impartiality, although this remains conjecture at this point.
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