The U.S. Securities and Exchange Commission (SEC) is potentially looking to reach a settlement with Coinbase, as hinted by their attorneys in a recent court filing. This development comes on the heels of the SEC’s new crypto task force, led by Commissioner Hester Peirce.
Coinbase had filed an appeal of a federal judge’s ruling that stated the SEC had a plausible case against the exchange for selling unregistered securities on its platform. The exchange sought clarification on how securities laws might apply to crypto assets.
In the court filing, the SEC requested a four-week extension to its deadline to respond to Coinbase’s appeal, citing the ongoing work of the crypto task force. The agency believes that the task force’s work could potentially lead to a resolution of the case, saving judicial resources in the process.
This is not the first time the SEC has asked for an extension in a crypto-related case. Earlier in the week, the SEC and Binance requested a 60-day stay in the regulator’s case against the exchange and its affiliates. The judge overseeing that case granted the stay, indicating a willingness to allow for more time to potentially reach a resolution.
Overall, these recent developments suggest that the SEC is actively engaged in addressing legal issues surrounding crypto assets and exchanges. The creation of a dedicated crypto task force demonstrates the regulator’s commitment to understanding and regulating this rapidly evolving industry. It remains to be seen how these efforts will impact the outcome of the cases involving Coinbase and Binance.