American Securities and Exchange Commission SEC could not respond to the petition sent to him by the Coinbase exchange. The leading crypto trading platform provides a clear cryptocurrency requested regulation. The SEC has requested up to 4 months to formally respond to this petition.
The US government agency allegedly downplayed Coinbase, while leaving it unclear whether the exchange would meet its demand.
Making a statement on social media coinbaseChief legal officer Paul Grewal summed up the situation by sharing a tweet:
A few minutes ago, the SEC filed its response to the last week's Third Circuit. You can read it for yourself below together with my own initial read of it. 1/5
— paulgrewal.eth (@iampaulgrewal) June 13, 2023
Concluding that they are still undecided about crypto regulation, the Coinbase official emphasized that despite the court order, the SEC refused to make a quick decision. Finally, Grewal shared the official documents of the SEC’s response with his followers.
U.S.-based cryptocurrency exchange Coinbase filed further with the SEC last year to get a clear response to the regulations.
What Does the SEC Want From Crypto?
Investigations by the Securities and Exchange Commission into crypto startups are getting a lot of backlash. Although the only case that was effective in the past period was related to Ripple, this situation changed in 2023. SEC, FTX officially declared war on the crypto industry after the bankruptcy of its stock market. Commission; Binance, coinbaseAnd Kraken It flooded the stock exchanges with investigations. However, he could not reveal a clear regulation on cryptocurrencies.
