US SEC requests Coinbase's appeal to be extended by 28 days

PANews February 15th news, The SEC requested an extension of Coinbase's appeal by 28 days, part of a long-term legal dispute between the agency and cryptocurrency exchanges over how to classify digital assets, according to The Block. The SEC requested an extension of the deadline from February 14 to March 14, which is the agency's initial response deadline. The legal dispute between Coinbase and the SEC focuses on whether digital assets should be classified as securities, or whether they represent a new type of financial instrument.

In the latest court filing, the SEC said the formation of its new crypto task force would affect its responses and current potential classification problems. The SEC document continues: "Neither party will be harmed by applying for an extension. This is not an expedited appeal, and Coinbase agrees to the motion."