SEC Delays Response to Coinbase’s Petition for Clear Crypto Regulations

• The U.S. SEC said it had not yet determined what to do about the rulemaking petition.
• The SEC has responded to the court’s order from June 6 asking for a reply.

The Securities and Exchange Commission (SEC), the top financial regulator in the United States, responded to Coinbase’s writ of mandamus on Tuesday. It would seem that the commission is not in the mood to issue sensible new rules.

According to the court document, the U.S. SEC said it had not yet determined what to do about the rulemaking petition. The order, it was noted, makes reference to SEC Chair remarks and enforcement actions but does not indicate a determination to reject the exchange’s rulemaking petition. The commission has requested an extension of time before it must respond to the request for crypto-related clarification.

No Precise Date Committed

Paul Grewal, Coinbase’s chief legal officer, said that the U.S. Securities and Exchange Commission (SEC) has repeatedly stated the falsehood that it has not chosen to move to implement new crypto regulations. Despite a court’s specific ruling, the commission has totally failed to commit to any precise date.

Despite repeated assurances from the commission’s chair that new, unambiguous guidelines will be issued, the panel has shown no signs of acting on such assurances.

Moreover, the chief legal officer of Coinbase pointed out that the SEC had centered on the evidence of a decision from those statements that argued that the communication was the decision. The SEC has responded to the court’s order from June 6. Asking the commission to state whether it agrees with the regulation, disagrees with it, or wants more time to respond.

However, the largest cryptocurrency exchange in the United States, Coinbase, was earlier this month charged with operating as an unregistered securities exchange, broker, and clearing agency by the commission.

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