The U.S. securities regulator has requested an additional four months to respond to Coinbase’s inquiry regarding regulatory clarity on cryptocurrencies.
In a letter dated June 13th and submitted to the U.S. Court of Appeals for the Third Circuit, the Securities and Exchange Commission (SEC) declared their need for an additional 120 days to respond to Coinbase’s call for new regulations and further elucidation of the laws that oversee crypto.
In response to the court’s June 6 order, the letter was sent to the SEC to inquire as to whether they were denying the rulemaking or if they needed more time to respond.
The SEC declared that it has not yet determined what action, if any, to take concerning the petition and asserted that Coinbase’s petition for a writ of mandamus has no basis.
The regulator declared that the mandamus petition should not be granted, but they expected to be able to give a suggestion concerning Coinbase’s request for rulemaking within the following 120 days.
In response to the letter, Coinbase’s Chief Legal Officer Paul Grewal informed his 40,000 Twitter followers that the SEC had reiterated the “misconception” that it had not yet made any decisions regarding new regulations.
A crypto lawyer has suggested that the Hinman documents indicate that the SEC is not the appropriate agency to regulate digital assets.
He disregarded the explicit declarations of SEC chair Gary Gensler that the SEC has “no intention of introducing new regulations.”
Grewal stated that the SEC has confused the proof of a choice that the assertions give with the contention that the proclamations are themselves a choice.
“Grewal noted that they had disregarded the Court’s explicit directive to commit to a timeline,”
On the same day the SEC brought a lawsuit against Coinbase for offering unregistered securities and running an unregistered securities exchange, the court issued an order to the regulator.
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