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The U.S. Securities and Exchange Commission (SEC) attorneys have submitted a filing indicating possible signals of an agreement with Coinbase. The document references the regulatory body’s new cryptocurrency working group, suggesting a collaborative effort in handling ongoing legal matters.
SEC Seeks Extension in Response Process
In response to Coinbase’s recent appeal against a federal judge’s ruling, the SEC has requested additional time from a federal appellate court. The court had previously deemed the SEC’s claims against Coinbase as reasonable, labeling it as a platform selling unregistered securities.
Similar Requests in Other Cases
Coinbase has sought the court’s opinion on how securities laws apply to cryptocurrency assets. Additionally, a similar situation arose in the SEC’s case against Binance, where the regulatory body requested an extra 60-day waiting period.
The SEC’s request aims to grant an additional four weeks to the originally set response date of February 14. This extension is justified by the ongoing reviews conducted by the current cryptocurrency working group, which may influence both the local court process and potential appellate review.
By referencing past practices, the regulator suggests that its ongoing examination of cryptocurrency-related issues could also be impactful. The extension request is portrayed as an indication of the need for extra time to accommodate the existing review process.
“The work of the cryptocurrency working group could contribute to a potential resolution of the ongoing local court process and appellate review. The regulator is requesting additional time to respond to Coinbase’s application, indicating that the review of current cryptocurrency matters is still in progress.” – Statement in SEC filing
As the judicial process continues, it is noted that subsequent steps may pave the way for resolution proposals. The SEC’s strategy of applying similar approaches across different filings demonstrates that comprehensive examination and assessment are necessary.
The extensions requested by the regulatory body suggest possible future steps toward agreements and regulatory evaluations in light of current court decisions and ongoing appeal processes. This development remains a critical area for monitoring among other institutions operating in the market.
