SEC Seeks 28-Day Delay in Coinbase Case Amid Crypto Policy Shift
The SEC has asked for a 28-day extension to respond to Coinbase’s appeal, pushing the deadline to March 14, 2025. The request was filed with the U.S. Court of Appeals for the Second Circuit on Feb. 14.
The batte between Coinbase and the SEC started in the U.S. District Court for the Southern District of New York. On March 26, 2024 the court issued a mixed ruling, granting and denying Coinbase’s motion for judgment on the pleadings.
Coinbase appealed after the court certified its decision on Jan. 7, 2025 and filed its petition on Jan. 17. The SEC had already gotten a 14-day extension in January and now is asking for more time to review crypto-related issues.
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In its filing, the SEC stated:
“The Commission’s review of crypto-related issues is ongoing. This additional time is needed to prepare our response to Coinbase’s petition and to facilitate internal review. No party will be prejudiced by the requested extension.”
Coinbase has consented to the delay but the request shows the uncertainty surrounding crypto in the U.S.
Crypto Policy Undergoes Big Changes
The SEC’s request comes at a time of big leadership changes and shifting priorities. After Gary Gensler left the SEC on Jan. 20, 2025 President Donald Trump appointed Mark T. Uyeda as Acting SEC Chair. Uyeda has taken a more measured approach to crypto regulation than Gensler did.
One of Uyeda’s first moves was to establish a Crypto Task Force led by Commissioner Hester Peirce, one of the agency’s most vocal advocates for clearer and fairer crypto regulations. The task force will create a comprehensive framework that balances innovation with investor protection, a departure from the SEC’s previous regulation-by-enforcement approach.
Another big development is that Jorge Tenreiro, who was a key player in the SEC’s lawsuits against crypto companies, has been reassigned from the enforcement division to the agency’s IT department. He’s been removed from high profile cases which suggests the SEC is shifting away from cracking down on crypto firms.
These changes are part of a broader effort by the Trump administration to make the U.S. a global leader in cryptocurrency and blockchain.
What This Means for Coinbase and the Market
With the SEC asking for more time, investors and crypto leaders are watching to see how the agency will handle the shift in stance on digital assets. Here are a few takeaways:
- Regulatory Clarity: The extension means the SEC is rethinking its approach to crypto regulation, may be getting softer on digital assets.
- Coinbase Case: The delay allows the SEC to prepare a more structured response but also increases the chances that the ongoing policy changes will impact the outcome.
- Wider Market: A more friendly regulatory environment means institutional adoption of crypto, good for Coinbase and for the industry.
As the SEC adjusts to new leadership and perspectives, this case will be a turning point for crypto regulation in the U.S.
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