SEC Given 120 Days to Submit Report on Crypto Rules Following Coinbase’s Request
The United States Court of Appeals for the Third Circuit has decided to maintain jurisdiction in the case led by Coinbase, seeking clarity on crypto regulations from the SEC. The court has postponed ruling on the petition for a Writ of Mandamus and has allowed the SEC to provide its reply.
SEC Considering Clarity on Crypto Rules
The U.S. SEC has been ordered to submit a report on basic crypto rules within 120 days, according to the court’s order. Coinbase’s Chief Legal Officer, Paul Grewal, expressed gratitude for the court’s continued oversight of the SEC process, which has thus far lacked transparency.
Coinbase CEO praised the recent order by the Circuit for upholding the notion that the SEC is also accountable under the law.
Positive Development for Coinbase in Crypto Rules Battle
The Third Circuit’s order for the SEC to provide an update on its decision regarding the petition is seen as favorable news for Coinbase. If the SEC fails to make a decision within the additional time given, it could potentially result in a ruling in favor of Coinbase.
If the SEC fails to provide a decision, the court will be required to issue the writ of mandamus, compelling the commission to respond with a definitive “Yes” or “No” answer.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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