• The SEC is reportedly searching for an extension to February 2025 for Coinbase to offer case paperwork.
• Coinbase, Binance and Kraken are all going through lawsuits from the SEC.

The U.S. Securities and Change Fee has filed a courtroom keep, searching for extra time to file paperwork associated to its lawsuit in opposition to cryptocurrency alternate Coinbase, Cointelegraph reported Sept. 19.

SEC requests extension

In line with courtroom paperwork filed Sept. 18, the SEC is asking the courtroom for a four-month extension to the deadline for Coinbase to offer key paperwork.

Regulators have filed a request within the U.S. District Courtroom for the Southern District of New York, which, if granted, would give them till February 2025 to share greater than 133,000 paperwork.

The SEC's submitting within the lawsuit got here a month earlier than the unique Oct. 18 deadline by which the securities regulator was to show over paperwork as a part of discovery within the case. The SEC mentioned the extension would enable it to show over the mandatory paperwork.

The SEC sued a number of cryptocurrency firms

These newest developments within the SEC v. Coinbase case be a part of a number of others which have emerged in latest months and weeks, together with courtroom filings and rulings within the regulator's circumstances in opposition to cryptocurrency exchanges Binance and Kraken, different main trade gamers in authorized battles with the SEC.

Each the courts and the U.S. Congress have challenged the SEC's use of the time period “digital asset securities,” which has turn into a part of the SEC's predominant fees in opposition to cryptocurrency exchanges because it alleges violations of securities legal guidelines by these firms.

The time period “digital asset safety” doesn’t seem anyplace in any legislation enacted by Congress, any rule promulgated by the SEC, or any determination handed down by the Supreme Courtroom. It doesn’t seem anyplace in 2 million pages of the Federal Register. And if it doesn’t seem in both legislation… pic.twitter.com/ucSaCzEvOU

— Rep. Ritchie Torres (@RepRitchie) September 19, 2024

In 2020, the company sued Ripple Labs over the cryptocurrency XRP. The case dragged on for 3 years, however a notable ruling was made in July 2023, declaring that XRP will not be a safety. The company additionally reached a $4 billion settlement with Terraform Labs.

In August of this yr, a choose denied Kraken's movement to dismiss the SEC's lawsuit in opposition to the alternate.