SEC Forms Crypto Task Force Amid Legal Delays, Sparking Resolution Hopes
The U.S. Securities and Exchange Commission (SEC) has recently established a new crypto task force, sparking rumours about potential resolutions to ongoing legal disputes with major cryptocurrency firms. Meanwhile, the SEC continues to review digital asset issues, with several high-profile cases experiencing delays.
In June 2023, the SEC initiated legal action against Coinbase, alleging the cryptocurrency exchange offered securities without proper registration. However, the SEC has requested an additional 28 days to evaluate Coinbase's appeal, pushing the deadline to March 14, 2025.
In a separate development, the SEC and Binance, the world's largest cryptocurrency exchange, have jointly moved to pause their lawsuit for 60 days. This pause was requested by both parties and is set to expire on March 15, 2025. A report on extending the stay is expected to follow.
The formation of the SEC's new crypto task force has led to speculation that the regulator may be seeking to resolve longstanding lawsuits against major cryptocurrency firms. The task force's formation comes as the SEC's review of digital asset issues continues, with more time needed to complete its response to Coinbase's petition.
The SEC's recent actions and the formation of the crypto task force suggest a shift in the regulator's approach to cryptocurrency cases. While delays persist in ongoing legal proceedings, the potential for resolution in longstanding lawsuits has sparked optimism within the industry.
