PANews reported on February 15 that according to The block, the U.S. Securities and Exchange Commission requested a 28-day extension of Coinbase's appeal as part of a long-standing legal dispute between the agency and cryptocurrency exchanges over how to classify digital assets. The SEC requested an extension of the deadline from February 14 to March 14, which was the agency's original 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 its latest court filing, the SEC said the formation of its new crypto working group will influence its response and the current potential classification issues. The SEC filing goes on to say: “Neither party will be prejudiced by the motion for an extension. This is not an expedited appeal, and Coinbase consents to the motion.”
