Coinbase agrees to a 28-day extension from the SEC to respond to Coinbase's appeal request

ChainCatcher news, according to Cryptonews, the U.S. Securities and Exchange Commission (SEC) previously requested to extend the deadline for responding to the appeal against Coinbase from February 14 to March 14, and Coinbase has agreed to this extension request.

The case dates back to June 2023, when the SEC accused Coinbase of offering unregistered securities and failing to fulfill disclosure obligations. Coinbase claims that the crypto transactions on its platform do not constitute securities and seeks clarification on whether secondary market transactions fall under the definition of investment contracts in securities law. Previously, Judge Katherine Failla approved Coinbase's mid-term appeal request and suspended all litigation proceedings in the case until the Second Circuit Court reviews the appeal. Notably, the SEC's recently established crypto task force is led by Commissioner Hester Peirce, known for her support of crypto, raising speculation that the long-standing litigation may be nearing resolution.