🚨NEW: So @coinbase is in a unique situation compared to other #crypto firms currently in litigation. Their lawsuit was officially ‘halted’ last month when Judge Failla granted the company permission to leave to file an interlocutory appeal to resolve at the Second Circuit whether existing securities law applies to digital assets traded on Coinbase’s platform. Friday (2/14) is the @SECGov’s deadline to respond to Coinbase’s request to file the appeal. It’ll be interesting to see how the SEC responds amid the new regulatory approach from the Commission. They can either: 1. Oppose Coinbase’s request for appeal, which would mean the SEC under acting chair @MarkUyedaUS still plans to argue, as Gensler did, that securities laws clearly apply to most crypto tokens. Uyeda and Peirce have both said the law in this area has not been clear. 2. Not oppose Coinbase’s request for appeal, which would suggest the SEC wants to resolve the issue of how securities laws apply to crypto. However, this is a matter currently being addressed by the crypto task force, according to @HesterPeirce. 3. Ask for an extension of the deadline. 4. Decide not to proceed and drop the case. Simply put, the SEC’s response to Coinbase this week will reveal a lot in terms of how the agency plans to handle ongoing litigation of cases disputing securities law.