Coinbase Bags Another Win Against US SEC In Crypto Rulemaking Case
Coinbase Crypto Rules Case News: The United States Court of Appeals for the Third Circuit on Tuesday announced that it will retain jurisdiction in the Coinbase led fight to gain clarity over crypto regulations from the Securities and Exchange Commission (SEC). The order mentioned that it will not rule at this time on the petition for a Writ of Mandamus and allowed the commission to submit its reply.
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SEC To Drop Clarity On Crypto Rules?
As per the court’s order, a further report needed to submit by the U.S SEC in the next 120 days or on October 11, 2023. This comes after the commission denied to reply to the Coinbase’s filed request and asked the court to provide them with additional time.
Paul Grewal, Chief Legal Officer at Coinbase stated that a report on basic crypto rules is due in the next 120 days by the US SEC. He stated that they are grateful that the court will keep on shining a light on an SEC process that is till now being operated in darkness.
He added that the recent order by the Circuit deserves praise for upholding the basic idea that the SEC is accountable under the law, too. Read Coinbase News Here…
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Coinbase Gets A Upper Hand?
It is being suggested as good news for Coinbase in a fight to get clarity on crypto rules. As the Third Circuit ordered the SEC to update the court on whether it decides to grant the petition or not. However, If the Commission states to say that it hasn’t decided to make a move in the additional time provide then a ruling can land in the Coinbase’s favor.
If this happens then the court will have to issue the writ of mandamus and the commission will need to reply with “Yes” or “No”.
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