The U.S. Securities and Exchange Commission (SEC) recently filed a motion requesting a deadline extension regarding its case against Coinbase. This motion, submitted on a Friday, suggests that the SEC’s newly established crypto task force may assist in potentially resolving the ongoing litigation against Coinbase.
Coinbase is appealing a ruling made by District Judge Katherine Polk Failla last month, who found that the SEC had presented a plausible case indicating that Coinbase sold unregistered securities. This legal disagreement raises significant questions regarding the application of securities laws in the context of cryptocurrency.
In their filing, the SEC sought an additional four weeks to respond to Coinbase’s appeal, which is currently due on February 14. The SEC’s request emphasizes that the work being undertaken by the crypto task force, led by Commissioner Hester Peirce, could pave the way for a resolution in both the underlying district court case and any forthcoming appellate review. The agency asserted that this extension would preserve judicial resources while properly addressing the complexities of cryptocurrency regulation.
This marks the second instance within the week that the SEC has requested a delay in response to litigation, having also secured a 60-day stay in another case involving Binance, which similarly pointed to the potential for early resolution.
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