The U.S. Securities and Exchange Commission (SEC) has been ordered to reply to Coinbase’s legal action within 10 days.
In a May 3 tweet, Coinbase’s chief legal officer Paul Grewal revealed that a Third Circuit court issued a text-only order that directed the financial regulator to file a response to the exchange’s mandamus petition.
According to Grewal, the court also gave Coinbase seven days to issue a reply to the SEC’s responses whenever it is filed.
“TEXT ONLY ORDER (Clerk) At the direction of the Court, Respondent is ordered to file an answer to the petition for writ of mandamus within 10 days of the date of this order. Petitioner may file a reply to the response within 7 days of the date of filing of the response. (KAG)”
In April, the largest U.S.-based exchange filed legal actions against the SEC. Coinbase wants the Commission to provide guidance for companies in the crypto industry and has been engaging the authorities.
Coinbase has faced increased regulatory scrutiny recently. The exchange received a Well Notice from the U.S. Securities and Exchange Commission (SEC) over some of its products in March. However, it responded that it does not list securities.
Meanwhile, Coinbase recently launched an International exchange for institutional traders outside the United States. Industry analysts have speculated that the move was fueled by the rising regulatory pressure on its business in the country.
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Source: https://cryptoslate.com/court-asks-sec-to-reply-coinbase-in-10-days/