FOX reporter: The SEC's response to Coinbase's appeal request this week will reveal its stance on such securities law disputes

Odaily Planet Daily News FOX Business reporter Eleanor Terrett wrote on X: "Compared to other crypto companies currently dealing with litigation, Coinbase's situation is special. Last month, their lawsuit was officially "suspended" when Judge Failla allowed the company to file a temporary appeal to resolve whether existing securities laws apply to digital assets traded on the Coinbase platform in the Second Circuit Court. Friday (2/14) is the deadline for the SEC to respond to Coinbase's appeal request. It will be interesting to see how the SEC responds under the new regulatory approach. They can: 1. Oppose Coinbase's appeal request, which means that the SEC under Acting Chairman Mark Uyeda still plans to argue, as Gensler did, that securities laws clearly apply to most crypto tokens. Both Uyeda and Peirce said that the law in this area is not yet clear. 2. Not opposing Coinbase's appeal request, which indicates that the SEC hopes to resolve the issue of how securities laws apply to cryptocurrencies. However, according to Hester Peirce, this is an issue currently being addressed by the Cryptocurrency Working Group. 3. Request an extension of the deadline. 4. Decided not to proceed and dropped the case. In short, the SEC’s response to Coinbase this week will reveal how the agency plans to handle ongoing litigation of controversial securities law cases. ”