Coinbase battles for regulatory clarity, with Third Circuit issuing court order to SEC.
Petition for rulemaking filed by Coinbase received no response, leading to a federal court case.
Outcome remains uncertain as SEC’s compliance with court order for clear rules on digital crypto assets is awaited.
The Third Circuit has finally replied to Coinbase’s complaint against the SEC, marking a new development in the ongoing legal battle for regulatory clarity in the world of cryptocurrencies. The case began in July when Coinbase filed a petition with the SEC for rulemaking in the sector, but received no response. Eight months later, Coinbase took the matter to federal court in a bid to compel the SEC to respond.
Understand The Story: Coinbase Challenges SEC: Is This the Beginning of the End for US Crypto Regulations? – Coinpedia Fintech News
Court Orders SEC to Respond to Coinbase’s Complaint
Coinbase’s Chief Legal Officer, Paul Grewal, announced that the court has issued a text-only order directing the SEC to respond to Coinbase’s writ of mandamus within 10 days. Coinbase may then file a reply within 7 days of the SEC’s response. While grateful for the court’s consideration of the matter, the focus now shifts to whether the SEC will comply with the required order.
Coinbase’s Legal Tussle for Regulatory Clarity
Coinbase, the largest cryptocurrency exchange in the US, filed a lawsuit against the SEC in April, seeking a court order to compel the regulator to publicly disclose its stance on a petition that was submitted several months earlier. The petition called for transparency in the adoption of rules governing the trading and offering of securities using digital methods.
Also Read: Coinbase vs SEC: Will Gensler’s Fatal Flaw Decide the Fate of the Lawsuit? – Coinpedia Fintech News
The question remains: Will Coinbase finally get the regulatory clarity it’s been seeking, or will the SEC continue to play hard to get? The world is watching!
Source: https://coinpedia.org/news/crypto-news-today-sec-has-just-10-days-to-respond-to-coinbases-legal-complaint/