U.S. Securities Exchange Commission ( SEC), has given Coinbase an official response regarding its crypto regulation petition.
The ongoing tension between the SEC and Coinbase was brought to light as the SEC issued a formal response in court. Paul Grewal, chief legal officer of Coinbase, of the SEC expressed concern about his reaction. He also stated that they would continue to monitor the industry through regulation as a sanction. If SEC Coinbase’s He clarified this by finally responding to the crypto regulation petition. Delivering its official response in court, the SEC said it could take years to set any rules, and in the meantime, sanctions would continue. Investors have turned their eyes to the SEC, which is increasingly putting pressure on the stock markets.
Dispute Continues Between SEC and Coinbase
The SEC asked Coinbase to reject the mandamus petition, based on reports it filed with the court. The SEC had a clear stance, linking this decision to the fact that mandamus was an extraordinary solution and Coinbase did not show a right to help. In addition, the SEC argued that Coinbase had no obligation to meet its requirements set out in its petition, while also stating that the company had unreasonably attempted to rule.
Today the SEC responded to Coinbase’s petition for a writ of mandamus — asking the court to require the SEC to respond just yes or no to whether it will undertake rulemaking for our industry. The SEC’s answer? A resounding maybe. 1/7
— paulgrewal.eth (@iampaulgrewal) May 16, 2023
Paul Grewal stated in a Twitter post that he will be revealing his views for the first time on whether the SEC should create rules for the crypto industry. Grewal, who also said that there is much to be clarified on the table, published many more Twitter posts.
