The SEC has sought a four-month extension in its investigation related to Coinbase, pushing the deadline to February 2024, just after the US presidential election.
The agency cites the need to review over 133,000 documents as justification for the delay.
This extension, the first in a case with major implications for the crypto sector, has sparked speculation about possible political motivations behind the move.
Critics suggest the delay might be a strategy to avoid further scrutiny amidst rising political tensions over cryptocurrency regulation. The SEC is already under fire for its handling of the Ripple case and its broader approach to crypto regulation.
In a separate legal battle, Coinbase is pushing for transparency through a Freedom of Information Act lawsuit against the FDIC. The company’s Chief Legal Officer, Paul Grewal, is seeking information on whether regulators have pressured banks to sever ties with crypto firms.
This move aims to reveal any behind-the-scenes influence on the banking sector’s relationship with cryptocurrencies.
As debates over crypto regulation continue, political figures are divided. Democrats have opposed recent bipartisan crypto bills, while Republican Representative Richie Torres has criticized the SEC’s classification of Ethereum as a security. The evolving regulatory environment remains a hot topic in the industry.
The first week of July brings several important developments in the United States that could influence both traditional markets and the cryptocurrency sector.
Ric Edelman, one of the most influential voices in personal finance, has radically revised his stance on crypto allocation. After years of cautious optimism, he now believes that digital assets deserve a far larger share in investment portfolios than ever before.
In the case involving Terraform Labs and its co-founder Do Hyeong Kwon, the defense has asked the Federal Court for the Southern District of New York to extend the deadline for pretrial filings by two weeks, pushing it beyond the original date of July 1, 2025.
Coinbase has emerged as the best-performing stock in the S&P 500 for June, climbing 43% amid a surge of bullish momentum driven by regulatory clarity, product innovation, and deeper institutional interest in crypto.