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The U.S. Securities and Exchange Commission (SEC) has sought an additional 28 days to evaluate cryptocurrency exchange Coinbase’s appeal in its ongoing legal dispute with the regulator.
The SEC contends that its newly formed crypto task force could play a significant role in resolving the nearly two-year conflict.
In a filing on February 14, the SEC stated that the task force’s efforts “could influence and may facilitate the potential resolution of both the underlying district court proceedings and possible appellate review.”
SEC Indicates Review of Crypto-Related Matters Still in Progress
The agency highlighted that its examination of crypto-related matters is still in progress, requiring more time to finalize its response to Coinbase’s petition.
Coinbase has consented to the extension, moving the SEC’s deadline from February 14 to March 14.
This request follows a similar action taken just days prior, when the SEC and Binance jointly asked a judge to pause their lawsuit for 60 days, referencing the task force’s work in developing a regulatory framework for the crypto sector.
Coinbase initially filed an appeal in a U.S. court on January 21, seeking a determination that crypto transactions on its platform do not constitute securities.
The exchange asserted that clarifying whether secondary market crypto transactions qualify as investment contracts under securities laws is crucial for the industry.
NEW: The filing is in and the @SECGov has requested a 28-day extension (until March 14, 2025) to submit its response to a petition from @coinbase to allow for an interlocutory appeal.
Once again, the @SECGov cites the agency’s new #crypto task force as potentially impacting… https://t.co/XdwFBhgMPm pic.twitter.com/A6f6xB3qQJ— Eleanor Terrett (@EleanorTerrett) February 15, 2025
This appeal followed Judge Katherine Failla’s approval of Coinbase’s request for an interlocutory appeal regarding an earlier ruling that denied its motion for judgment.
Judge Failla also mandated a halt on all proceedings in the case until the Second Circuit Court reviews the appeal.
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The legal dispute dates back to June 2023, when the SEC filed a lawsuit against Coinbase for allegedly offering unregistered securities.
The regulator asserts that the exchange failed to register as a broker, national securities exchange, or clearing agency, thereby evading the necessary disclosure requirements for securities markets.
Meanwhile, the SEC’s recently established crypto task force has fueled speculation that long-standing lawsuits against major crypto firms may be approaching resolution.
The task force is led by Commissioner Hester Peirce, recognized for her pro-crypto position, and was introduced by acting SEC Chairman Mark Uyeda.
Coinbase Holds Over $420 Billion in Digital Assets for Clients
Earlier this month, Coinbase announced that it now manages over $420 billion in digital assets on behalf of its clients, surpassing the 21st largest bank in the United States in terms of assets under management (AUM).
At that time, Armstrong noted that the exchange’s AUM would rank it as the 21st largest U.S. bank if it were classified as a traditional financial institution.
Armstrong also mentioned that if Coinbase were categorized as a brokerage firm, it would rank as the eighth largest brokerage by AUM.
Coinbase’s $420 billion in AUM is more than three times larger than the $112.9 billion managed by New York Community Bancorp (NYCB), which holds the 21st position among U.S. banks.
More recently, Coinbase CEO Brian Armstrong stated that U.S. President Donald Trump’s crypto agenda has become a central topic of discussion within the crypto industry, financial markets, and the tech sector.
Reflecting on his recent experience at the World Economic Forum (WEF) in Davos, Armstrong revealed that discussions with key market leaders were dominated by Trump’s plans for digital assets.
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