SEC Seeks 28 More Days in Coinbase Legal Battle

The Securities and Exchange Commission (SEC) has asked for an further 28 days, until March 14, 2025, to respond to Coinbase’s petition for an interlocutory appeal, adding different hold to their ongoing ineligible conflict that started successful June 2023.

According to writer Eleanor Terrett, the SEC cited its recently formed crypto task unit arsenic a origin successful its decision-making process. The bureau believes the task force’s enactment could perchance facilitate a solution to some the territory tribunal lawsuit and the imaginable appellate review.

In a Feb. 14 filing, the SEC requested the extension, stating, “Because the Commission’s reappraisal of crypto-related issues is ongoing, the Commission requests this further clip to hole its reply to Coinbase’s petition and for due review.” Coinbase has agreed to the extension, allowing the SEC much clip to finalize its stance.

This comes conscionable days aft the SEC and Binance jointly requested a justice to intermission their lawsuit for 60 days, besides citing the crypto task force’s efforts to make a regulatory framework.

The ineligible standoff betwixt Coinbase and the SEC has lasted astir 20 months, stemming from allegations that the speech offered unregistered securities without decently registering arsenic a broker, nationalist securities exchange, oregon clearing agency.

The SEC has enactment unneurotic a dedicated task unit to yet bring immoderate clarity to integer plus regulations. Leading the complaint is Commissioner Hester Peirce, amended known arsenic “Crypto Mom” for her pro-crypto views. To laic down a solid, structured rulebook for the industry. This inaugural was rolled retired by Acting SEC Chairman Mark Uyeda, and galore successful the abstraction are anxious to spot if it yet brings the clarity they’ve been waiting for.

On Jan. 21, Coinbase took a bold measurement by asking a U.S. appeals tribunal to regularisation that crypto trades connected its level aren’t securities. The speech argued that defining whether secondary marketplace crypto transactions suffice arsenic concern contracts is important for the industry’s future. Judge Katherine Failla had antecedently stayed each proceedings successful the lawsuit until the Second Circuit ruled connected Coinbase’s interlocutory appeal.

Also Read: Binance Lawsuit Paused arsenic SEC Forms New Crypto Panel