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The U.S. Securities and Exchange Commission (SEC) has asked a federal appeals court to extend its deadline to respond to Coinbase, which filed an appeal of a federal judge's order last month.
According to FoxBusiness correspondent Eleanor Terrett, the SEC has requested a 28-day extension (until March 14, 2025) to file its answer to a petition from Coinbase to leave to file an interlocutory appeal. On Friday, the agency asked for an extension to its deadline (currently Feb. 14) to file its response, citing Acting SEC Chair Mark Uyeda's new crypto task force, led by Commissioner Hester Peirce.
The SEC indicated that the new crypto task force may potentially influence the outcome of the appeal and the entire case: "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, conserving judicial resources."
Tomiwabold OlajideCoinbase has agreed to the extension. In January, a district court granted Coinbase’s request for interlocutory appeal, and discovery in the case was paused pending the outcome of this process. Last year, District Judge Katherine Polk Failla ruled that the SEC had presented a plausible case that Coinbase sold unregistered securities on its platform. The crypto exchange then sought the appeals court panel to weigh in on how securities laws may apply to cryptocurrencies.
This is the second lawsuit in which the SEC has requested an extension; earlier this week, the SEC and Binance filed for a 60-day stay in the regulator's lawsuit against the exchange and related parties, claiming that the extension could lead to a resolution. The judge in charge of the case approved the stay.
Coinbase reports growth in Q4 report
In its most recent quarterly report, Coinbase stated that revenue more than doubled and earnings grew more than expected during the Q4 surge in digital assets.
Revenue increased to $2.27 billion in the fourth quarter, while net income rose to $1.29 billion, or $4.68 per share, exceeding expectations.
Retail investors who had previously stayed off Coinbase during the last market slump returned to the platform. Consumer transaction revenue was $1.3 billion in the fourth quarter, up 179% sequentially. Almost half of trading users in the quarter were either new to Coinbase or had not traded in a while.
Vladislav Sopov
Godfrey Benjamin
Dan Burgin