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.