After the justice pressed the SEC to provide a response to the Coinbase petition, the financial policeman asked for an additional 120 days. We take stock of the details of this request.
SEC asks for 120 days to respond to Coinbase
Last April, Coinbase took legal action, in order to force the Securities and Exchange Commission (SEC) to provide a response to its petition dating from almost a year ago now. While the regulator considered this complaint unjustified, new elements were added to the file while the Court of Appeal asked for clarifications.
Thus, the SEC thinks be able to respond by this fallalthough it believes that Coinbase’s request for mandamus “has no merit» :
“Nevertheless, counsel respond to the Court’s order by stating that, given the current circumstances, Commission staff expect to be able to provide a recommendation […] regarding the Coinbase Regulatory Petition within the next 120 days. Commission lawyers may provide the Court with an inventory at the end of this period, no later than October 11, 2023.”
👉 To go further — Find our guide on the Coinbase platform
Discover Coinbase
9€ of bitcoin offered for your 1st purchase
🎧 Listen to this article and all other crypto news on Spotify
A long series of justifications
After his initial response last month, justice pressed the SEC asking it to clarify 3 points :
- If she had decided to deny Coinbase’s request;
- If not, how long would she need to respond? ;
- Explain why the Court should reject Coinbase’s proposal requiring the SEC to provide regular progress reports.
As a result, the regulator defended itself by indicating that the recent complaint against Coinbase did not call into question its desire to provide a response. In short, the federal authority explains that as long as the law is not amended, it must enforce the rules in their current conditions until they are changedwhich she says justifies her recent actions:
“As explained in the Commission’s response, the agencies regularly apply existing and applicable law while simultaneously considering whether there are reasonable policy justifications for amending these regulations in the future. »
In addition, the SEC calls for dissociate the words of its president Garry Gensler from the actions carried out by the agencynoting in particular that petitions like those of Coinbase are voted on internally by its commissioners.
On the other hand, the document provided by the financial policeman takes up arguments similar to those mentioned in May, in an attempt to argue that Coinbase’s request for mandamus was not justified.
It is now up to the court to decide on these answers. Until then, it seems clear that the ecosystem can expect further action, and that even in the event of a response next fall, the regulatory process may still take time in the United States.
👉 Also in the News — Binance.US Hires Former SEC Co-Head to Face US Regulator
Our service dedicated to cryptocurrency investors. Get real-time analytics and optimize your crypto portfolio.
Source: SEC Response
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
716 items
