TechFlow news — On February 16, according to Cryptonews, the U.S. Securities and Exchange Commission (SEC) has requested an additional 28 days to review cryptocurrency exchange Coinbase's appeal in their ongoing legal dispute. The SEC stated that its newly established crypto task force may play a key role in resolving the nearly two-year-long conflict. Coinbase has agreed to this extension request, pushing back the SEC's response deadline from February 14 to March 14.
The case dates back to June 2023, when the SEC accused Coinbase of offering unregistered securities and failing to meet disclosure obligations as a broker, national securities exchange, or clearing agency. Coinbase argues that crypto trading on its platform does not constitute securities transactions and is seeking clarity on whether secondary-market crypto trades meet the definition of an investment contract under securities law. Previously, Judge Katherine Failla granted Coinbase’s motion for interlocutory appeal and paused all litigation proceedings pending the Second Circuit Court’s review of the appeal.
Notably, the SEC’s recently formed crypto task force is led by Commissioner Hester Peirce, known for her pro-crypto stance, sparking speculation that the prolonged legal battle may be nearing resolution.
