Well now, gather ’round, folks, for a tale of the U.S. Securities and Exchange Commission (SEC) and its latest escapade with the fine folks over at Coinbase. It seems the SEC has decided it needs a little more time to respond to Coinbase’s appeal, like a cat that’s just spotted a particularly enticing sunbeam. 🐱☀️
According to the ever-watchful FoxBusiness correspondent, Eleanor Terrett, the SEC has put in a request for a whopping 28-day extension—yes, you heard that right! They want until March 14, 2025, to file their answer to Coinbase’s petition. It’s like asking for a rain check on a dinner date, but with a lot more legal jargon. 🍽️📅
🚨NEW: The filing is in and the @SECGov has requested a 28-day extension (until March 14, 2025) to file its answer to a petition from @coinbase to leave to file an interlocutory appeal.
Again, the @SECGov cites the agency’s new #crypto task force as having a potential impact on…
— Eleanor Terrett (@EleanorTerrett) February 15, 2025
Now, the SEC claims that this new crypto task force, led by the ever-enthusiastic Commissioner Hester Peirce, might just hold the key to resolving this whole kerfuffle. They say, “The crypto task force’s work may affect and could facilitate the potential resolution of both the underlying district court proceeding and potential appellate review, conserving judicial resources.” Sounds fancy, doesn’t it? Almost like they’re trying to save the world one crypto case at a time! 🌍💼
Coinbase, bless its heart, has agreed to this extension. Back in January, a district court granted Coinbase’s request for an interlocutory appeal, and now the whole discovery process is on pause, like a game of musical chairs where the music just won’t stop. Last year, District Judge Katherine Polk Failla ruled that the SEC had a plausible case that Coinbase was selling unregistered securities. Oh, the drama! 🎭
And if you thought that was the end of it, think again! This is the second time the SEC has asked for an extension. Earlier this week, they and Binance filed for a 60-day stay in their lawsuit against the exchange, claiming that a little extra time could lead to a resolution. The judge, probably rolling his eyes, approved the stay. 💤
Coinbase Reports Growth in Q4 Report
Now, let’s switch gears to some good news! In its latest quarterly report, Coinbase announced that its revenue more than doubled, and earnings grew faster than a rabbit on a sugar rush during the Q4 surge in digital assets. 🐇💨
Revenue shot up to $2.27 billion in the fourth quarter, while net income rose to $1.29 billion, or $4.68 per share—exceeding all expectations. It’s like they found a golden goose! 🥚✨
Retail investors, who had been playing hard to get during the last market slump, have returned to Coinbase like moths to a flame. Consumer transaction revenue hit $1.3 billion in the fourth quarter, up a staggering 179% sequentially. Almost half of the trading users were either new to Coinbase or just dusting off their old accounts. Talk about a comeback! 🎉
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2025-02-15 18:46