Coinbase Facilitated To Challenge The SEC

Key Points:

• According to Coinbase Chief Legal Officer Paul Grewal, the Third Circuit has now declared that it would maintain jurisdiction over its appeal to the SEC’s inactivity.
• The next report will be due in 120 days.
• Coinbase has previously suggested that the SEC should be forced to reply to its petition by the court.

Coinbase Chief Legal Officer Paul Grewal announced that the Third Circuit has just ruled that it will retain jurisdiction over Coinbase’s challenge to the inaction of the US Securities and Exchange Commission (SEC).

The following report will be due in 120 days. The exchange has previously suggested that the SEC should be forced to reply to its petition by the court.

While the SEC’s action against Coinbase is still in its early stages, the future steps remain unclear. As of Tuesday, the exchange had not delisted any of the tokens described as securities by the SEC in action and had made no public statements regarding a possible settlement.

The exchange has chastised the SEC for avoiding the enforcement of its crypto regulation as part of a legal dispute between the two. The SEC filed a lawsuit against Coinbase on June 6, saying that the exchange violates multiple US securities laws, including operating as an unregistered exchange.

The SEC notified the court on June 13 that it had yet to decide on the course of action in the litigation and that there would be no particular date for a response to Coinbase’s request. The exchange criticized the SEC’s approach, claiming that the SEC has yet to deliberate on its rule-making procedures.

Coinbase filed a lawsuit in federal court in the United States on April 25, requesting the SEC to react to a petition it filed in July 2022 to adopt clear standards for digital assets. It wanted the SEC to offer regulatory advice to the crypto company by July 2022, prompting the exchange to sue the government in April when the agency failed to reply.

A letter from Coinbase’s defense team most recently reiterated earlier comments that the SEC has failed to give regulatory clarity while seeking compliance with nonexistent regulations.

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Harold

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