Coinbase's Complaint Against SEC Gets 10-Day Response Deadline

Coinbase's legal fight for clarity in digital crypto asset trading has progressed as the Third Circuit has instructed the SEC to respond to their writ of mandamus within 10 days. This comes after Coinbase filed a lawsuit in April requesting the SEC publicly disclose its stance on the regulatory treatment of digital assets. The SEC has taken action through enforcement actions and warnings, yet has failed to respond to the petition. As a result, Citi has downgraded Coinbase shares to "neutral" and lowered its price target until regulatory standards are established.