NewsletterJust-In: Coinbase Asks Court To Grant Mandamus Amid US SEC Delay Tactics
Coinbase News: As the U.S. Securities and Exchange Commission (SEC) crackdown on the cryptocurrency industry continues, Coinnbase hopes to get an advantage in the district court. One of the largest crypto exchanges filed a response to the commission’s request to grant them additional 120 days to reply to Coinbase’s rulemaking petition.
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Coinbase Not Holding Back Against US SEC
Paul Grewal, Coinbase’s Chief Legal Officer announced that they filed a reply to US SEC’s response in the U.S. Court of Appeals for the Third Circuit filings. He stated that the exchange couldn’t wait for the next deadline as they find it unusual for the government to flout a direct query from a federal court.
The commission in its reply to Coinbase’s rulemaking petition mentioned that it hasn’t decided what action to take on. However, It asked for another 120 days to file a reply to it. The US SEC has been alleged of filing enforcement actions against the crypto linked business in the absence of clear regulations around it.
Coinbase Legal Chief stated that the court should grant mandamus to them now as the US SEC has decided not to permit the crypto exchange’s petitions. He added that the refusal presented by the commission in the last court submission confirms that a delay ahead is futile. Read More Coinbase News Here…
SEC Needs To Reply In 60 Days
The crypto exchange asked the court to order the US SEC to file a response in at least 60 days. However, this submission should not be an anticipated staff recommendation so that the court can decide the mandamus petition directly.
Also Read: Binance Exits Another Country Amid Legal Uncertainty In US
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