Circuit

Gary

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<p class="is-style-lead">Last week, the US Court of Appeals for the Third Circuit ordered the US Securities and Exchange Commission (SEC) to respond to Coinbase’s <a href="https://crypto.news/coinbase-ceo-seeks-regulatory-clarity-expects-right-outcome-for-crypto-industry/">request</a> for clarifying the rulemaking.&nbsp;</p>



<p>According to documents shared by the exchange’s chief legal officer (CLO) Paul Grewal, the regulator has denied to “commit to any deadline despite the Court&#8217;s explicit order.” The SEC says in the letter that Coinbase’s petition might receive a recommendation within 120 days.</p>



<p>Moreover, the SEC set the deadline to update the court on Oct. 11, 2023, according to Grewal’s tweet. In addition, the regulator asked the court to “take no action” before the time limit is reached.</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="und" dir="ltr">4/5 <a href="https://t.co/7obUPvATqK" target="_blank">pic.twitter.com/7obUPvATqK</a></p>&mdash; paulgrewal.eth (@iampaulgrewal) <a href="https://twitter.com/iampaulgrewal/status/1668742696154939392?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 13, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Grewal added that the SEC disregards “the clear statements of the Chair that confirm they have no intent to issue new rules.”</p>




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<blockquote class="wp-block-quote">
<p>“Coinbase’s request for periodic reports is similarly unwarranted. Coinbase relies on inapposite authority that reflects circumstances in no way comparable to those presented by its mandamus petition.” </p>
<cite>SEC wrote on Coinbase’s petition</cite></blockquote>



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<iframe title="SEC&#039;s Crackdown on Binance, Coinbase Highlights Need for U.S. Crypto Regulatory Framework: JPMorgan" width="1020" height="574" src="https://www.youtube.com/embed/nO3SbvPy8Fc?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
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<p>The US Court of Appeals for the Third Circuit <a href="https://crypto.news/us-court-orders-sec-to-respond-to-coinbases-rulemaking-petition/">ordered</a> the SEC to take action on Coinbase’s petition for clear rulemaking on June 7, two days after the regulator <a href="https://crypto.news/sec-sues-coinbase-just-hours-after-binance/">filed</a> a lawsuit against Coinbase and Binance.</p>



<p>Furthermore, Congressman Tom Emmer and Rep. Warren Davidson <a href="https://crypto.news/bill-to-dismiss-sec-chairman-gary-gensler-gains-support/">introduced</a> a bill called the “SEC Stabilization Act” which will remove Gary Gensler as the SEC chair and restructure the Commission. The Act comes as the representatives believe the SEC has been abusing its regulatory authority.</p>




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SEC refuses to make any decision on Coinbase’s rulemaking petition

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