- Coinbase acknowledged the demand of the agency to have an extra 28 days and extend the deadline from February 14 to March 14.
- The ongoing battle between Coinbase and the Securities and Exchange Commission has lasted around 20 months since the regulator sued the exchange in June 2023.
- Initially, Judge Katherine Failia permitted an appeal for an order rejecting the proposal of Coinbase for judgment, which she filed in March last year.
The Securities and Exchange Commission of the United States has asked for an extra 28 days to review the appeal of a prominent crypto exchange, Coinbase in its progressing lawsuit. At the same time, the agency has claimed that its new crypto division could probably conclude the 20-month legal battle.
On February 14, the filing mentioned that the work of the crypto task force may affect and could clear the way for the potential resolution of both the underlying district court proceeding and possible petitioner review.
The acceptance of the demand
The filing further mentioned that as the Commission’s review on crypto-associated issues is going on, the Commission is asking for extra time to prepare its answer to the petition of Coinbase and for correct review.
Coinbase acknowledged the demand of the agency to have an extra 28 days and extend the deadline from February 14 to March 14.
On January 21, the crypto exchange asked a US appeals court to order that crypto trades on its platform are not securities in its bid to resolve the SEC lawsuit. It contended that understanding if secondary market crypto transactions are investment contracts under securities laws is of great significance to the industry.
Initially, Judge Katherine Failia permitted an appeal for an order rejecting the proposal of Coinbase for judgment, which she filed in March last year. Judge Failla put a stay on all proceedings until the Second Circuit ruled on an intermediary appeal over the order.
The ongoing battle between Coinbase and the Securities and Exchange Commission has lasted around 20 months since the regulator sued the exchange in June 2023 for accusingly providing unregistered securities.
The Crypto task force
The lawsuit from the agency claimed that Coinbase had never listed as a broker, national securities exchange, or clearing agency, running away from the revelation scheme for securities markets.
At the same time, the January 21 publicization of the agency of a devoted crypto task force to create a virtual asset substructure has raised hopes in the industry that these long-standing lawsuits may finally be resolved.
The task force is headed by Commissioner Hester Peirce, repeatedly referred to as Crypto Mom because of her supportive attitude on crypto regulations. The task force was publicized by Commissioner Mark Uyeda, who is working as acting chairman of the Securities and Exchange Commission.
