The US securities regulator has asked for another four months to provide a response to Coinbase’s request for regulatory clarity for cryptocurrencies.
On June 13th letter Submitted to the US Court of Appeals for the Third Circuit, the SEC said it needed an additional 120 days to respond to Coinbase’s request to adopt new rules and provide more clarity on the laws governing crypto.
The letter was in response to the court’s decision on June 6 to request To the Securities and Exchange Commission that asked the regulator to address whether it refuses to make rules or if it needs more time to respond.
The SEC said it had “not decided what action to take on this petition in whole or in part” and claimed that Coinbase’s request for an authorization order had “no merit.”
The regulator claimed that Mandoos’ petition “should be dismissed” but predicted that it would be able to recommend Coinbase’s petition for rulemaking “within 120 days.”
In response to the letter, Paul Grewal, Coinbase’s chief legal officer, told his 40,000 Twitter followers that the SEC had repeated the “fallacy” that it had not yet decided on any new regulation.
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He added that the letter ignores clear statements from SEC Chairman Gary Gensler that the SEC “has no intention of issuing new rules.”
“[The SEC]is instead confusing the evidence for a decision presented by these statements with an argument that the statements are themselves a decision,” Grewal said.
4) They ignore the president’s clear statements asserting that they have no intention of issuing new rules, and instead confuse the evidence for a decision that these statements provide with the argument that the statements themselves are a decision. 3/5
– paulgrewal.eth (@iampaulgrewal) June 13, 2023
“They refuse to commit to any deadline despite the court’s express order,” Grewal added.
The court order came to the SEC on the same day the regulator sued Coinbase for offering unregistered securities and operating an unregistered securities exchange.
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