SEC Requests Extension for Coinbase Case, Citing Settlement Possibilities

Attorneys for the U.S. Securities and Exchange Commission suggested a potential settlement with Coinbase in a court filing late Friday, mentioning the regulator’s new crypto task force.

The SEC has requested a federal appeals court to extend its deadline to respond to a Coinbase appeal. This plea follows a ruling last month from District Judge Katherine Polk Failla, who determined that the SEC had a plausible case against Coinbase for selling unregistered securities.

On Friday, the SEC requested a four-week extension for its deadline (currently February 14), attributing the need for additional time to the implications of Acting SEC Chair Mark Uyeda’s new crypto task force, led by Commissioner Hester Peirce.

The court document stated: “The crypto task force’s work may influence and could assist in resolving both the underlying district court matter and potential appellate reviews, conserving judicial resources. As the Commission continues its review of crypto-related topics, it seeks this extra time to craft its response to Coinbase’s appeal effectively.”

This extension request follows another recent case where the SEC and Binance filed for a 60-day stay in their ongoing case, hinting at the possibility of an early resolution.