The Chief Legal Officer of Coinbase stated that the SEC has once again made the mistaken claim that it has not made any decisions regarding the implementation of new cryptocurrency regulations.
In the latest crypto news, the Securities and Exchange Commission (SEC), the leading financial watchdog in the U.S., has responded to Coinbase’s writ of mandamus requesting clarity on crypto regulations. Unfortunately, it appears that the commission is not inclined to provide much-needed logical regulations in the near future.
SEC Requests 4-Month Extension to Respond
According to the court filing, the U.S. Securities and Exchange Commission (SEC) has clarified that it has not yet determined the necessary course of action regarding the rulemaking petition. The SEC emphasized that while the order refers to enforcement actions and statements made by the SEC Chair, it does not indicate a definitive rejection of the exchange’s rulemaking petition. Consequently, the commission has requested a 120-day extension to respond to the request for crypto clarity.
Paul Grewal, Chief Legal Officer of Coinbase, highlighted that the U.S. Securities and Exchange Commission (SEC) continues to make the false claim that they have not made any decisions regarding the implementation of new crypto rules. Despite a court order explicitly requiring a response, the commission has outrightly refused to commit to a specific deadline for providing the much-needed clarity in the crypto space.
Also Read: SEC Sets Possible 4-Month Timeline for Coinbase Petition Recommendation
It is crucial to highlight that the Securities and Exchange Commission (SEC) has completely disregarded the statements made by its Chair, which clearly indicate their lack of intention to introduce new, clear rules. The Chief Legal Officer of Coinbase emphasized that the SEC’s actions and remarks can be interpreted as evidence of a decision, as they provide an argument suggesting that the communications themselves serve as a decision.
In response to the court’s June 6 order, the SEC has provided its official response, addressing whether it is willing to proceed with the rulemaking, denying it, or requesting additional time to file a response.
Also Read: Support Grows for Bill to Remove SEC Chairman Gary Gensler
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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