U.S SEC Request More Time in Coinbase’s Regulatory Clarity Petition
Coinbase XRP
Summary: Coinbase received a response to its writ of mandamus from the Securities and Exchange Commission (SEC). The SEC has not made a decision on the regulation petition and has asked for more time to answer. The SEC has replied to the court's June 6 order requesting a response.
On Tuesday, Coinbase received a response to its writ of mandamus from the Securities and Exchange Commission (SEC), the primary financial regulator in the United States. It seems that the commission is now not in a mood to release any new regulations that make any sense.
More Time For?
The U.S. SEC said in the court filing that it had not made a decision on the regulation petition. While the ruling does include the SEC chair’s comments and enforcement actions. It does not rule out the possibility of the exchange’s rulemaking petition being granted. With regards to the request for crypto-related clarity, the commission has asked for more time to answer.
According to Paul Grewal, Coinbase’s chief legal officer, the U.S. Securities and Exchange Commission (SEC) has falsely claimed that it has no plans to press through with implementing new crypto legislation. The commission has made zero commitment to a particular date despite a court order.
Enforcement by Action Strategy
The commission head has promised several times that clearer standards would be provided, but thus far, that hasn’t happened. According to Coinbase’s top legal officer, the SEC focused on comments that claimed communication constituted a decision.
The Securities and Exchange Commission has replied to the court’s June 6 order requesting that it indicate whether it agrees with the rule, disagrees with the regulation, or needs additional time to comment.
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Coinbase, the biggest cryptocurrency exchange in the United States, was accused by the commission earlier this month for allegedly acting as an unregistered securities exchange, broker, and clearing agency. The crypto industry has criticized SEC’s move of enforcement by action. If the SEC can sue crypto firms than why it needs more time to put forth clarity over regulations in court?
