Coinbase vs SEC: American Organization requests to extend the deadline for 28 days on the response of the petition
On Friday, February 14, the United States Securities and Stock Exchange Committee requested a 28 -day extension of the deadline to respond to the Coinbase’s resumption. This last step is an interesting development in the lengthy legal battle between the organizational agency and the largest encryption exchange of the United States.
Why SEC asked to extend the deadline
In the latest presentationThe Supreme Education Council asked the court to extend the deadline to respond to the Crypto Coinbase appeal from February 14 to March 14. Both sides were on his head on whether or not digital assets should be classified as securities.
On January 17, 2025, Coinbase submitted her to obtain permission to appeal the opinion of the court in March 2024. However, the Securities and Stock Exchange Committee-and was granted-to extend time for 14 days to respond to the encryption petition.
The Securities and Stock Exchange Committee claims that the reason for the recent extension request is to form the new encryption squad by the agency’s head of the Acting Mark Oida. Uyeda’s CEC chairman has created a business squad to help develop an organizational framework for digital assets.
Source: Courtlistener
According to the committee, the work of the Hester People’s work squad may affect its response to Coinbase and possibly solve the basic classification issue.
Reading the court document:
The work of the Crypto Business Squad may affect and can facilitate the potential solution to each of the basic provincial court procedures, a possible appeal review, and the preservation of judicial resources. Due to the committee’s continued review of the cases related to encryption, the committee requires this additional time to prepare its answer to the Coinbase and for the appropriate review.
The Supreme Education Council noted that none of the parties would be biased with the approval of the extension of the deadline. The organizational agency also highlighted in its file that Coinbase agreed to the extension request, as the stock exchange resumption is not accelerated.
Transfer in the regulatory scene?
Interestingly, this Coinbase’s experience is the second case during the same week that the Supreme Education Council requested an extension. On Monday, February 11, the American Financial Organization and the largest exchange in the world were jointly presented for a 60 -day residence in their legal battle.
SEC was martyred for a similar reason – as in Coinbase’s suit – behind the request to stop the Binance case for the next 60 days. According to the court document, the two parties intend to submit a joint case report at the end of the residence period for a period of 60 days, determining whether the extension of the residence is necessary.
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