SEC Has 10 Days To Respond To Coinbase On Complaints

Key Points:

• Coinbase’s chief legal officer, Paul Grewal, reported that the Third Circuit has reacted to the SEC’s complaint about the need for clear standards for trading digital crypto assets.
• The court has given the SEC 10 days to reply to Coinbase’s petition of mandamus.
• The court allowed Coinbase the ability to respond to the SEC’s answer within seven days of its filing.

Paul Grewal, Coinbase’s Chief Legal Officer, said on Thursday that the Third Circuit has finally responded to the case against the US Securities and Exchange Commission (SEC) for failing to offer clear regulations.

Grewal announced in a tweet on May 3 that a Third Circuit judge issued a text-only order directing the financial regulator to prepare a response to the exchange’s mandamus lawsuit. The SEC has been given 10 days to respond to Coinbase’s legal action.

However, the Petitioner, Coinbase, has 7 days from the date of filing to file a response to the commission’s response. Paul Grewal expressed appreciation for the court’s thorough examination of this subject.

Coinbase, the biggest cryptocurrency exchange in the United States, sued the SEC in April, seeking a court order compelling the agency to publicly reveal its position on a petition made some months earlier. The petition demanded openness in the formulation of regulations regulating the trading and offering of securities through digital channels.

Coinbase has lately come under heightened regulatory scrutiny. In March, the SEC issued a Well Notice about certain of the exchange’s goods. A Wells Notice letter often informs a corporation that the SEC may take enforcement action against it. It stated, however, that it did not list securities.

Meanwhile, the exchange has recently launched an International exchange for institutional traders outside of the US. Analysts speculate that the move was motivated by increasing regulatory pressure on its operations in the country.

Previously, Coinbase and Ripple’s Chief Legal Officers met offsite. This enigmatic meeting took place while both parties faced legal challenges from the SEC.

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Harold

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