Court orders the SEC to respond to Coinbase’s crypto regulation petition

According to the court’s order, the Commission must disclose the country’s cryptocurrency regulations within 10 days

04.05.2023 - 08:30

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What’s new? The US District Court has ordered the Securities and Exchange Commission (SEC) to respond within 10 days to Coinbase’s petition about the country’s cryptocurrency regulation rules. The company has seven days to respond to the feedback. Coinbase’s Chief Legal Officer Paul Grewal announced this on Twitter, thanking the court for its “careful consideration of this matter.”

The Third Circuit just issued a text-only order directing the SEC to file a response to our mandamus petition within 10 days (and gave us 7 days for a reply). Here’s the text of the order:TEXT ONLY ORDER (Clerk) At the direction of the Court, Respondent is ordered to file an… — paulgrewal.eth (@iampaulgrewal) May 3, 2023

What is known about the situation? Coinbase has filed a lawsuit against the SEC, demanding that rules regulating the crypto industry be made public after the Commission notified the exchange of possible violations of securities laws. This is not the company’s first appeal to the agency. Coinbase, for example, demanded in a July 2022 petition that the regulator provides guidance and rules for the community.

In response to the SEC’s attacks, exchange CEO Brian Armstrong urged cryptocurrency users to “elect pro-crypto candidates.” He said that Coinbase would work hard to organize the roughly 50 million American citizens who use cryptocurrencies into a political force.

Armstrong later said that the exchange could leave the US market if a clear regulatory environment for the crypto industry is not adopted.

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