The SEC Challenge Was Facilitated By Coinbase
Key Points:
- Paul Grewal, Chief Legal Officer of Coinbase, claims that the Third Circuit has indicated that it will continue to have jurisdiction over the company’s appeal of the SEC’s inactivity.
- In 120 days, the next report will be due.
- Coinbase has previously proposed that the court should compel the SEC to respond to its petition.
Paul Grewal, the chief legal officer of Coinbase, made the announcement that the Third Circuit has decided that it will continue to have jurisdiction over Coinbase’s challenge to the SEC’s inaction.
The following report will be due in 120 days. The exchange has previously suggested that the SEC should be forced to reply to its petition by the court.
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The next steps are still unclear, as the SEC’s action against Coinbase is still in its infancy. The exchange had not made any public statements about a possible settlement and had not delisted any of the tokens that were considered securities by the SEC as of Tuesday.
As part of a legal dispute, the exchange has criticized the SEC for failing to enforce its crypto regulation. On June 6, the Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase, claiming that the exchange broke a number of US securities laws, including operating as an unregistered exchange.
On June 13, the SEC informed the court that it had not yet made a decision regarding the course of the litigation and that there would be no specific date for a response to Coinbase’s request. The SEC’s approach was criticized by the exchange, which asserted that the SEC has not yet deliberated over its rule-making procedures.
On April 25, Coinbase requested the Securities and Exchange Commission (SEC) to respond to a petition it submitted in July 2022 to establish clear standards for digital assets. The exchange filed a lawsuit against the government in April when the SEC did not respond to its request to provide the crypto company with regulatory guidance by July 2022.
In a recent letter, Coinbase’s defense team reiterated earlier statements that the SEC has sought compliance with regulations that do not exist but has failed to provide regulatory clarity.
