Coinbase’s Rulemaking Petition: SEC’s Response Raises More Questions Than Answers

The legal battle between Coinbase and the Securities and Exchange Commission (SEC) took a significant turn as the SEC made a recommendation related to Coinbase’s rulemaking appeal, a crucial component of their mandamus action.

Coinbase’s Chief Legal Officer, Paul Grewal, revealed that the SEC communicated with the Third Circuit regarding Coinbase’s rulemaking petition, shedding light on the case’s progress.

SEC Develops Recommendation In Coinbase’s Legal Battle

On October 10, the SEC staff submitted a recommendation to the Commission, following Coinbase’s mandamus petition filed in April 2023, which sought a prompt response to their July rulemaking appeal.

The Court had granted the SEC a 120-day period to provide a reply. While Coinbase’s Chief Legal Officer expressed gratitude for this latest step, more details regarding the recommendation must be answered.

The update needs to provide a formal, public answer to Coinbase’s rulemaking petition, leaving the timeline for a decision by the SEC undisclosed.

Grewal also expressed frustration with the SEC’s delay in providing a definitive response and urged the SEC to communicate its timeline for a decision to the Court.

Given the SEC’s ongoing enforcement actions in the crypto industry, Coinbase seeks transparency and clarity regarding its rulemaking petition. The company emphasizes the importance of the SEC fulfilling its obligations and avoiding further delays or deferrals. Grewal said:

Today the SEC provided its court-ordered update to the Third Circuit in Coinbase’s mandamus action: yesterday the SEC staff made some kind of recommendation to the Commission related to our rulemaking petition. That’s it. That’s the whole update. We’re grateful that the Court’s order inspired this small step. But a formal, public answer to the petition is still long overdue. And given their

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Author: Ronaldo Marquez

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