1 year ago
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SEC refuses to respond in time
The U.S. Securities and Exchange Commission (SEC) has filed documents on Coinbase’s cryptocurrency rulemaking petition following an appeals court order. Refusing to answer within the 7 day deadline.
The SEC said, “There is no merit in forcing the SEC to respond within seven days.”
The SEC has yet to decide how to deal with all or part of Coinbase’s petition.
The scope of the rulemaking petition is wide, and given that it was only filed a few months ago, and that Coinbase has only recently supplemented it, it is not surprising that it remains undecided.
Meanwhile, SEC attorneys also said that within the next 120 days, SEC officials are expected to be able to make recommendations internally regarding Coinbase’s regulatory petition. The SEC has until October 11, 2023 to report to the court on the status of this matter.
In response to Coinbase’s petition, the SEC claims that it has started accepting public comments on the regulation, and that Coinbase has also submitted comments by May 2023. Although the petition was filed last year, it alleges that until recently there had been activity on its content.
What is SEC
Established in 1934. Its purpose is to ensure fair trading and investor protection, and to prevent insider trading, corporate fraudulent accounting, and market manipulation. It also determines whether virtual currency falls under the category of securities. SEC stands for “Securities and Exchange Commission”, and in Japan the “Securities and Exchanges Surveillance Commission” plays a similar role.
Cryptocurrency Glossary
background
The case concerns a limited lawsuit Coinbase has filed against the SEC.
In July 2022, Coinbase filed a petition with the SEC asking it to “develop a workable regulatory framework.” After nine months and no response from the SEC, the company filed a lawsuit against the SEC in April 2023 to request a response.
The court ordered the SEC to respond within a week on the grounds that the SEC did not respond to the petition and issued a compulsory execution for violating the rules against Coinbase. was
connection: U.S. Court Orders SEC to Respond to Coinbase “Rulemaking Petition” Within One Week
Coinbase reaction
Commenting on the SEC’s statement, Coinbase Chief Legal Officer Paul Grewal said:
1) they repeat the fallacy that they haven’t made any decision on new crypto rules; 2) they refuse to commit to any deadline despite the Court’s explicit order; 3) they instead “anticipate” making a “recommendation” in 120 days; and most importantly… 2/5
— paulgrewal.eth (@iampaulgrewal) June 13, 2023
(1) The SEC repeats its erroneous claim that it has made no decisions regarding new cryptocurrency rules. (2) refusing to meet a deadline despite a clear court order; (3) Instead, they simply ‘expect’ staff to make ‘recommendations’ within 120 days.
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