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US Court Gives SEC 10-Day Deadline To Respond To Coinbase Allegations

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Following the United States Securities and Exchange Commission’s (SEC) silence over Coinbase’s recent allegations regarding how the agency is enforcing securities laws for cryptocurrencies, the Third Circuit Court of Appeals has now given the regulator a 10-day deadline to respond to these allegations.

This update was disclosed earlier today after Coinbase, the largest cryptocurrency exchange in the United States, claimed that the SEC needs to provide more regulatory guidance for crypto firms operating in the country.

The exchange demanded that the agency “at a minimum must set forth how those inapt and inapposite requirements are to be adapted to digital assets.”

Coinbase Battles With The SEC

Coinbase has been locked in a legal battle with the SEC since the regulator informed the exchange that it would sue the company over allegations that it offered unregistered securities products. Coinbase has since filed a lawsuit to prevent the SEC from taking such action.

The company referred to a petition from 2022 that called for formal rulemaking within the digital asset sector. The SEC has yet to respond to the petition, which Coinbase argues means the regulator has failed to provide a legal basis for why it has not responded.

The 10-day deadline given to the SEC requires the regulator to provide a legal basis for its lack of response to the petition.

Coinbase hopes that a successful outcome in this legal battle will help clarify the regulatory landscape for digital assets in the United States, which has been hazy, according to the company and other actors in the industry.

Notably, Coinbase has since requested the Court order to force the SEC to respond to the clarification of crypto regulations. Coinbase Chief Legal Officer Paul Grewal wrote in a blog post:

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Author: Edyme

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