Just-In: US SEC Asked To Reply In 10 Days To Coinbase Complaint

Coinbase News: The legal tussle to gain regularity clarity over the trading of digital crypto assets just got precision. Paul Grewal, Chief Legal Officer of Coinbase on Thursday announced that the Third Circuit has finally replied to the complaint against U.S. Securities and Exchange Commission (SEC) to provide clear rules.

Also read: Coinbase Legal Head Meets Ripple Chief Legal Officer; Will Coinbase Relist XRP?

Coinbase Moves Closer To Clarity

Coinbase’s Chief Legal Officer stated that the court issued a text only order in the matter of their filed complaint. The court orders have directed the US SEC to file a response to Coinbase’s writ of mandamus within 10 days.

However, the Petitioner, Coinbase may file a reply to the commission’s response within 7 days of the filing. Paul Grewal commented that they appreciate the court’s careful consideration of this matter.

Meanwhile, it will be important to see when SEC will be going to fill in the required order. Read More Coinbase News Here…

US biggest crypto exchange, Coinbase in April filed a case against US SEC requesting the court to ask the regulator to publicly share its take on a months old petition. The exchange asked the commission to provide transparency on the adopted rules to govern the regulations of securities offered and traded via digitally native methods.

Also Read: OpenSea Ex-manager Convicted Of Money Laundering In NFT Insider Trading

However, the SEC is yet to provide a public response to the petition. In the meantime, the commission has aggressively moved forward by ramping up enforcement actions and issuing warnings to crypto exchanges. Earlier, SEC issued Wells Notice to Coinbase.

Earlier, Coingape reported that Coinbase and Ripple’s Chief Legal officers had a meeting offsite. This cryptic meeting came in when both players faced legal difficulties from the US SEC.