The work presented in this paper extends the concept of sub-band video coding based on a 3D wavelet transform to a more adaptive approach. A formal comparison is presented between the performances inferred by the use of the 3D wavelet transform and the use of a 2D wavelet in the spatial domain extended by a locally adaptive transform in the temporal dimension. Some advantages are foreseen for the new scheme since it is able to better deal with certain signal models like appearing and moving edges. An increased control of the distortion spreading is expected and consequently a lower visual impact relevance.