PANews reported on February 19 that John Reed Stark, a former US SEC official, wrote on the X platform that the SEC's lawsuit against Coinbase may have ended because the regulator's newly established cryptocurrency working group is seeking to resolve previous enforcement actions against the exchange. Stark explained why the SEC requested a 28-day extension to respond to Coinbase's petition for permission to appeal. He said: "According to the 3-page joint motion, the SEC's review of cryptocurrency-related issues is 'ongoing', and the extension will give the SEC time to conduct an 'appropriate review' as it prepares a response to Coinbase's petition. In other words, the SEC's lawsuit against Coinbase may have ended."
Stark estimates that the SEC's lawsuit against Binance will also usher in the same result. He cited a joint motion filed on February 11, in which the two parties believed that the SEC's cryptocurrency task force "may influence and promote the potential resolution of this case." The same is true for Ripple, which has been embroiled in litigation with the SEC since 2020. "It is expected that all cryptocurrency-related appeals, including the appeal of the Ripple case, will be suspended, or more likely withdrawn entirely."
