The United States Securities and Exchange Commission (SEC) has, quite audaciously, asked for 28 more days to ponder over Coinbase’s appeal in their eternal lawsuit. The SEC, in all its infinite wisdom, has hinted that the freshly minted crypto division may—brace yourselves—possibly bring an end to the 20-month long legal saga. How utterly thrilling. 🍿
“The crypto task force’s work may affect and could facilitate the potential resolution of both the underlying district court proceeding and potential appellate review,” the SEC’s filing on February 14th boldly proclaimed, as if the world weren’t holding its breath already.
SEC’s “Appropriate Review” Request – What a Surprise!
“As the Commission’s review of crypto-related matters continues (yes, they’re still thinking about it), we humbly request this additional time to prepare our answer to Coinbase’s petition. A thorough review is of utmost importance,” they said, presumably with a flourish. 🍸
Coinbase, ever the gentleman, has graciously agreed to this delay, extending their deadline from February 14th to March 14th—an entire month to sit back and sip tea while the SEC hashes it out. And to make matters even more delicious, just days ago, the SEC and Binance both requested a 60-day pause on their own case. It’s all very… cozy, isn’t it?
On January 21st, Coinbase, in a move that could only be described as daring, asked a US appeals court to rule that crypto trades on its platform are not securities. An argument they say is of “immense importance to the crypto industry.” How dramatic! The weight of the world, it seems, rests upon this decision.
Just two weeks prior, Judge Katherine Failla had the audacity to grant an appeal that denied Coinbase’s motion for judgment. All proceedings were promptly stayed until the Second Circuit can weigh in. Oh, the suspense is killing us.
The Crypto Task Force: Will It Bring Hope or Hype?
The battle between Coinbase and the SEC rages on, now a lengthy 20 months since the SEC first accused the exchange of offering unregistered securities. Truly, an affair that can only be described as legendary in its drawn-out drama.
At the heart of the SEC’s accusations? Coinbase’s apparent failure to register as a broker, national securities exchange, or clearing agency. Because, of course, who needs to follow the rules when you’re busy building empires? 🙄
But fear not, dear reader. The SEC’s announcement of a dedicated crypto task force on January 21st has sparked a glimmer of hope in the industry. Could this be the moment when these drawn-out lawsuits finally come to a close? We can only dream. This task force, headed by the ever-controversial Commissioner Hester Peirce (fondly known as “Crypto Mom”), has many hoping for a brighter future.
And, of course, the task force is blessed with the guidance of acting SEC Chairman, Commissioner Mark Uyeda, who likely has his hands full with the greatest soap opera to ever grace the crypto world.
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2025-02-15 07:48