The Securities and Exchange Commission (SEC) has asked for an additional 28 days, until March 14, 2025, to respond to Coinbase’s petition for an interlocutory appeal, adding another delay to their ongoing legal battle that started in June 2023.
According to journalist Eleanor Terrett, the SEC cited its newly formed crypto task force as a factor in its decision-making process. The agency believes the task force’s work could potentially facilitate a resolution to both the district court case and the potential appellate review.
In a Feb. 14 filing, the SEC requested the extension, stating, “Because the Commission’s review of crypto-related issues is ongoing, the Commission requests this additional time to prepare its answer to Coinbase’s petition and for appropriate review.” Coinbase has agreed to the extension, allowing the SEC more time to finalize its stance.
This comes just days after the SEC and Binance jointly requested a judge to pause their case for 60 days, also citing the crypto task force’s efforts to develop a regulatory framework.
The legal standoff between Coinbase and the SEC has lasted nearly 20 months, stemming from allegations that the exchange offered unregistered securities without properly registering as a broker, national securities exchange, or clearing agency.
The SEC has put together a dedicated task force to finally bring some clarity to digital asset regulations. Leading the charge is Commissioner Hester Peirce, better known as “Crypto Mom” for her pro-crypto views. To lay down a solid, structured rulebook for the industry. This initiative was rolled out by Acting SEC Chairman Mark Uyeda, and many in the space are eager to see if it finally brings the clarity they’ve been waiting for.
On Jan. 21, Coinbase took a bold step by asking a U.S. appeals court to rule that crypto trades on its platform aren’t securities. The exchange argued that defining whether secondary market crypto transactions qualify as investment contracts is crucial for the industry’s future. Judge Katherine Failla had previously stayed all proceedings in the case until the Second Circuit ruled on Coinbase’s interlocutory appeal.
Also Read: Binance Lawsuit Paused as SEC Forms New Crypto Panel
