SEC Ordered to Respond to Coinbase: 10 Days to File Petition
• The U.S. Securities and Exchange Commission (SEC) has been ordered to respond to Coinbase’s petition for clarity on the regulation of crypto firms within ten days.
• The petition was filed back in July 2022, but the SEC failed to respond despite issuing a Wells Notice against Coinbase.
• A Third Circuit Court of Appeals issued a text-only order asking the SEC to file its reply in ten days, with Coinbase filing its own response seven days after that.
SEC Ordered 10 Days to File Response to Coinbase’s Petition
The U.S. Securities and Exchange Commission (SEC) has been ordered by a United States court to respond to Coinbase’s complaint concerning clarity on whether the securities regulator will allow the industry to be regulated using existing frameworks within ten days. The original petition dates back to July 2022, when Coinbase asked if the SEC would propose and adopt rules governing securities which are offered and traded via digitally native methods. Despite this, the agency refrained from providing any public responses and instead issued a Wells notice against Coinbase – prompting them to take legal action in federal court for an answer from the SEC as soon as possible.
Coinbase Files Petition Over Nine Months Ago
Coinbase Chief Legal Officer Paul Grewal took to Twitter recently announcing that the Third Circuit Court of Appeals had issued a text-only order directing the SEC to file their response within ten days, while also granting Coinbase permission for their own reply within seven days after that of the SEC’s response. This is all coming amidst escalating tensions between both parties, with the securities regulator ramping up enforcement actions and warnings against cryptocurrency firms including US giant Coinbase itself – leading them to seek answers as soon as possible regarding their regulatory status over nine months ago now.
SEC’s Warning Against Crypto Firms
The US crypto giant has since been subject to numerous warnings from the SEC about its activities – particularly those related to digital assets classified as “securities” under US law such as Bitcoin and Ethereum derivatives products trading on their platform – leading them once again into legal action in an attempt at gaining clarity surrounding their regulatory status quicker than usual given how long they’ve already waited thus far without answer or resolution from either side of this ongoing dispute between both parties involved here today..
Court Order Comes Amidst Escalating Tensions
This legal move comes at a time where tensions between both sides seem higher than ever before due largely in part not only due towards what appears like an utter lack of communication on behalf of both parties involved but also because of strict enforcement measures taken by authorities against cryptocurrency firms such as those mentioned above earlier with regards towards this case involving Coinbase themselves specifically here today..
Conclusion
To conclude then, it remains unclear whether or not we’ll finally see some sort of resolution come out from all this any time soon given how long it’s already been since we first heard about this particular case involving one of America’s top crypto exchanges: namely being none other than our very own beloved global market leader known simply worldwide by most everyone today simply referred too only simply by its very own name itself: “Coinbase”.
