Just-In: US SEC Refuses To Commit Deadline in Coinbase Crypto Clarity Case
Crypto News: The U.S. Top financial watchdog, Securities and Exchange Commission (SEC) on Tuesday filed its response to Coinbase’s writ of mandamus seeking clarity on Crypto regulations. It seems that the commission is in no mood to deliver a much need logical regulations any time soon.
Also Read: Hinman Emails Depicts SEC Fovoured Ethereum Over Other Cryptos
SEC Seeks 4 Additional Months To Reply
As per the court filing, the U.S. SEC stated that it has not decided what action needed to take on the rulemaking petition. It added that the order refers to enforcement actions and statements by the SEC Chair, however, it does not demonstrate a decision to reject the exchange’s rulemaking petition. The commission has asked for additional 120 days to reply to the crypto clarity request.
Paul Grewal, Chief Legal Officer of Coinbase mentioned that the U.S. SEC repeated the fallacy that they haven’t decided to take any action to serve new crypto rules. The commission has completely refused to commit to any clear deadline despite facing a court’s explicit order.
It is important to note that the commission has entirely ignored the statements made by its Chair that eventually confirm that they have no intention to issue new clear rules. Coinbase legal Chief highlighted that the SEC converged the evidence of a decision of those remarks that provided an argument that the communication is themselves a decision. Read More Crypto News Here…
Also Read: Hinman Ignored All Warnings, Split Up Howey Test: Ripple Legal Chief
The SEC’s response came in to the court’s June 6 order to the commission to address if it’s willing or denying to the rulemaking, or if it needs additional time to file a response.
However, the commission earlier this month charged the US biggest crypto exchange, Coinbase, for operating as an Unregistered Securities Exchange, Broker, and Clearing Agency.
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
