- Coinbase (NASDAQ:COIN) responds to the SEC’s recent unilluminating update on the platform’s rule-making petition.
- The SEC recently responded that the Commission staff provided a recommendation to the Commission.
- Paul Grewal slams the SEC, commenting that the response had been a bureaucratic pantomime.
Coinbase recently filed a motion in the Third Circuit Court, requesting the court to urge the Securities and Exchange Commission (SEC) to respond immediately to the long, unsettled rule-making petition submitted by the company. The motion intends to issue a mandamus within 30 days, urging the regulators to deliver an official answer on their acceptance or denial of the petition.
Earlier this year, Coinbase petitioned the US SEC to ” propose and adopt rules to govern the regulation of securities that are offered and traded via digitally native methods, including potential rules to identify which digital assets are securities.” Though the agency remained silent for a long while, recently, the SEC communicated with the Third Circuit Court, leaving further details unrevealed.
Following the SEC’s latest move, Paul Grewal, Coinbase’s Chief Legal Officer, took to Twit…
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