The U.S. Securities and Exchange Commission (SEC) has sought an extra 28 days to evaluate the Coinbase appeal, further delaying a resolution in their protracted legal dispute.
In a February 14 filing, the SEC noted that the initiatives of its newly established task force might influence and potentially facilitate the resolution of the ongoing district court case as well as any subsequent appellate review.
The SEC’s request for an extension comes in response to Coinbase’s petition to appeal. If approved, the new deadline will be pushed to March 14, 2025.
In its submission to the U.S. Court of Appeals for the Second Circuit, the SEC clarified that the appeal is not being fast-tracked and noted that the crypto exchange has signaled its support for the motion.
The regulator stressed that its review of digital asset issues remains in progress, requiring additional time to complete its response to Coinbase’s petition.
SEC and Binance Seek 60-Day Pause
The SEC’s recent extension request comes just days after it and Binance jointly moved to pause their lawsuit for 60 days. The motion pointed to the ongoing efforts of the task force and its potential impact on regulations.
“As this is a joint motion, there is no prejudice to any party here, and a stay could save the Parties resources because, if an early resolution could be reached, it would obviate the need to continue merits discovery. Further, this brief stay will promote the efficient use of the Court’s resources,” the motion stated.
After the 60-day period ends, Binance and the SEC will jointly issue a report to determine if extending the stay is warranted.
In June 2023, the SEC initiated legal action against Coinbase, alleging the exchange offered securities without proper registration. The regulator contends that Coinbase avoided mandatory disclosure obligations by not registering as a broker, a national securities exchange, or a clearing agency.
Meanwhile, the formation of the SEC’s new crypto task force has fueled speculation that longstanding lawsuits against major cryptocurrency firms may soon be resolved.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
