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SEC Responds to Coinbase’s Rulemaking Petition; Details Remain Shrouded

Published 10/12/2023, 08:52 PM
Updated 10/12/2023, 09:15 PM
SEC Responds to Coinbase’s Rulemaking Petition; Details Remain Shrouded
COIN
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  • Coinbase’s Chief Legal Officer revealed the SEC communicated with the Third Circuit regarding Coinbase’s rulemaking petition.
  • The SEC staff submitted a recommendation to the Commission on October 10, but the details are undisclosed.
  • Coinbase (NASDAQ:COIN) CEO Brian Armstrong expressed confidence in their legal case against the SEC.

Coinbase’s Chief Legal Officer, Paul Grewal, revealed that the U.S. Securities and Exchange Commission (SEC) has communicated with the Third Circuit regarding Coinbase’s rulemaking petition, marking progress in their legal dispute. However, the details of the SEC’s response remain vague, causing concern.

Back in April 2023, Coinbase filed a mandamus petition, seeking the SEC’s prompt response to their July 2022 rulemaking appeal. After the 120-day period given by the Court, on October 10, the SEC staff submitted …

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