The Securities and Exchange Commission (SEC) said it anticipates needing 120 days to respond to Coinbase’s request for rulemaking.
The agency claimed it has not decided what action to take on the request and downplayed Coinbase’s request for faster action, claiming it might be due to the “weakness” of its claim. In a document filed in the United States Court of Appeals for the Third Circuit, it maintained that the petition should be denied.
Coinbase’s Chief Legal Officer Paul Grewal criticized the response on Twitter, claiming it was fallacious and ignored statements made by SEC Chairman Gary Gensler.
The agency was ordered on June 6 to clarify its position on Coinbase’s petition within seven days. This was due to the SEC’s lawsuit against the exchange and whether this meant the petition had been denied.
In April, Coinbase sued the SEC to get a respond to its request for rulemaking that it made in 2022.
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Source: https://www.theblock.co/post/234521/sec-wants-four-months-to-respond-to-coinbases-request-for-rulemaking?utm_source=rss&utm_medium=rss