SEC Requests 28-Day Extension in Coinbase Lawsuit Amid Crypto Task Force Development

• The SEC requested a 28-day extension in the Coinbase lawsuit, citing the potential influence of its crypto task force on the case.
• The agency also sought a 60-day delay in its case against Binance, with both parties agreeing the pause could aid in reaching a resolution.
• Industry figures, including ETF Store’s Nate Geraci, noted a shift in SEC’s regulatory enforcement approach, sparking settlement discussions.

The U.S. Securities and Exchange Commission (SEC) has requested a 28-day extension in its ongoing lawsuit against Coinbase. The request, filed in a federal appeals court on Friday, states that the agency’s newly established crypto task force may play a role in the case’s resolution. 

SEC Seeks More Time to Address Coinbase Appeal

The SEC initiated legal action against Coinbase because the company allegedly provided services with unregistered securities characteristics. The SEC acquired legal validation to pursue Coinbase according to Judge Katherine Polk Failla’s previous ruling so the exchange filed an appeal against the decision. Coinbase submits an appeal to gain court direction about security laws enforcement for digital assets.

According to its recent filing, the SEC mentioned that its crypto task force under Mark Uyeda and Hester Peirce could affect the ongoing case. The agency saw the task force’s activities as capable of affecting judicial proceedings at the district level along with appeals at the higher court. The SEC used these listed factors to support the need for extended preparation time for its response.

SEC Also Requests an Extension in the Binance Case

The SEC’s request for additional time in the Coinbase case comes shortly after a similar move in its lawsuit against Binance. Earlier in the week, the regulator and Binance jointly requested a 60-day stay in their legal proceedings, arguing that it could help facilitate a resolution. The judge overseeing the Binance case approved the request, further fueling discussions about the SEC’s evolving approach to cryptocurrency regulation.

Following the SEC’s filing, some industry figures commented on the agency’s recent legal maneuvers. Nate Geraci, president of the ETF Store, wrote on X that regulatory enforcement through lawsuits appeared to be changing. He stated that the SEC was positioning itself to bring the Coinbase lawsuit to an end.
Ripple CEO Brad Garlinghouse attended a meeting with lawmakers on Friday to discuss cryptocurrency regulation laws. During the meeting, all participants explored possibilities for bipartisan involvement in defining transparent regulatory guidelines. The judicial environment develops speculation regarding settlements in notable crypto disputes because of ongoing speculation on cases such as Ripple’s SEC legal confrontation.