The Chief Legal Officer of Coinbase remarked that the SEC repeated the delusion that it has not decided to serve new crypto regulations.
Tuesday marked the Securities and Exchange Commission’s (SEC) response to Coinbase’s writ of mandamus requesting clarification on crypto regulations. The commission needs to be ready to issue much-needed logical regulations shortly.
SEC Requests Four Extra Months To Respond
According to the court filing, the U.S. SEC still needs to resolve what action to take regarding the rulemaking petition. In addition, the order refers to enforcement actions and statements by the SEC Chair, but it does not indicate a decision to deny the exchange’s rulemaking petition. The commission has requested an additional 120 days to respond to the request for crypto clarity.
Paul Grewal, the Chief Legal Officer of Coinbase, stated that the U.S. SEC repeated the fallacy that they have not decided to implement new crypto regulations. Despite a court’s explicit order, the commission has categorically refused to commit to any specific deadline.
It is important to note that the commission has wholly disregarded its chair’s statements, which ultimately affirm that they have no intention of issuing new clear rules. The Chief Legal Officer of Coinbase emphasized that the SEC converged the evidence of a decision with those statements that argued that the communication was a decision.
The SEC’s response was filed in response to the court’s June 6 order requiring the commission to state whether it supports or opposes the rulemaking or requires additional time to file a response.
However, earlier this month, the commission charged Coinbase, the largest cryptocurrency exchange in the United States, with operating as an unregistered securities exchange, broker, and clearing agency.
