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The United States securities regulator has asked for four more months to respond to Coinbase’s request for crypto regulatory clarity.
in june 13 Letter In a submission to the US Court of Appeals for the Third Circuit, the Securities and Exchange Commission (SEC) said it needed an additional 120 days to respond to Coinbase’s request that it adopt new rules and regulations on laws governing crypto and Provide clarity.
The letter was in response to the court’s June 6 Order to the SEC which asked the regulator to find out whether it is refusing to make the rule or needs more time to respond.
The SEC said it “has not decided what action to take on that petition in whole or in part” and claimed that Coinbase’s request for a mandamus “does not have merit.”
The regulator claimed that the mandamus petition “should be denied” but expected it to be able to make a rulemaking recommendation on Coinbase’s petition “within the next 120 days.”
In response to the letter, Coinbase Chief Legal Officer Paul Grewal informed his 40,000 Twitter followers that the SEC has “repeated a lie” that it has yet to decide on any new regulations.
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He ignored clear statements from SEC Chairman Gary Gensler that the SEC “has no intention of issuing new rules.”
“[The SEC]instead accepts evidence of a decision, which the statements provide with an argument that the statements themselves are a decision,” Grewal said.
4) They ignore the president’s clear statements that confirm he has no intention of issuing new regulations, and instead provide evidence for those statements with an argument that the statements themselves are a decision. 3/5
— paulgrewal.eth (@iampaulgrewal) June 13, 2023
“They refuse to meet any deadline despite clear orders from the court,” Grewal said.
The court order to the SEC came on the same day the regulator sued Coinbase for offering unregistered securities and operating an unregistered securities exchange.
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