Last week, Coinbase requested the SEC to be clearer on cryptocurrency regulations. The SEC today requested more time to meet the requests.
US crypto regulator asks for four months for Coinbase’s request
Last week, Coinbase requested the SEC to introduce a “clear rule” on crypto securities. The US regulator said today that Coinbase will not be able to immediately respond to a request for regulation. The SEC argues that 1 week is insufficient to meet this demand. The regulator reported that Coinbase needs four months to request an “open rule”.
The SEC also says that until it decides to propose new rules, Coinbase still must comply with existing laws. “Regardless of whether the Commission decides to undertake the rulemaking sought by Coinbase, Coinbase is still – like everyone else – bound by current laws,” the SEC filing states. Coinbase is free to assert strongly that it does not violate this law in its current enforcement action.” he is writing.
Paul Grewal, Coinbase’s Vice President and General Counsel, said in a tweet that the SEC “confused the evidence of the decision with the assertion that these statements were themselves a decision, ignoring the president’s clear statements and falsifying statements confirming that they have no intention of issuing new rules.” However, the SEC defended that “the President’s statements cannot and cannot be considered an act by the Commission that rejected Coinbase’s request for regulation.”
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
Coinbase’s “clear rule” request from the SEC dates back to June 6. This request of the exchange came before the SEC’s lawsuit against Coinbase. The SEC now requires four months to meet demand after the 1-week period. cryptocoin.comWe will be providing the details in this article.
