Coinbase hopes to gain an edge in district court amid the US Securities and Exchange Commission’s (SEC) ongoing crackdown on the cryptocurrency industry. One of the largest cryptocurrency exchanges has responded to the commission’s request for an additional 120 days to respond to Coinbase’s rulemaking petition.
Coinbase stands firm against US SEC
Coinbase’s Chief Legal Officer, Paul Grewal, announced that they were responding to the US SEC’s response in the US Third Circuit Court of Appeals. Grewal noted that the exchange cannot wait for the next deadline, as they find it unusual for the government to fend off a direct investigation from a federal court. In its response to Coinbase’s rulemaking petition, the commission stated that it has not yet made a decision on what action it will take. However, it requested an additional 120 days to respond. The US SEC has allegedly filed sanctions lawsuits against crypto-related businesses due to the lack of clear regulations surrounding them.
Coinbase’s Chief Legal Officer argued that since the US SEC decided not to allow the cryptocurrency exchange’s petitions, the court must now mandamus them. He also added that the refusal presented in the commission’s final court presentation confirms that any further delay would be futile. The cryptocurrency exchange has requested the court to force the US SEC to give a response in at least 60 days. However, this application should not be seen as an expected staff recommendation for the court to decide directly on the mandamus petition.
Cryptocurrency industry is watching developments
As the legal battle between Coinbase and the SEC continues, the cryptocurrency industry is watching developments closely. The outcome of this lawsuit could have significant implications for the regulatory environment surrounding cryptocurrencies in the United States. Market participants are eager to see how the court decides and how this will affect the relationship between the SEC and other cryptocurrency exchanges. The decision could set a precedent for future regulatory action and shape the future of the cryptocurrency market in the country.
Both Coinbase and the SEC are expected to present their arguments in the coming months, and the court’s decision will be eagerly awaited by industry players and observers alike. As the cryptocurrency market continues to evolve, a balanced approach to regulatory clarity and oversight will be crucial to fostering innovation while protecting investors’ interests.
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