US courts have recently been abuzz with participants from escalating <a href="https://en.coin-turk.com/" target="_blank" rel="noopener" data-wpel-link="internal">crypto</a> lawsuits. Coinbase, determined for victory, aims to secure legal regulations favorable to cryptocurrencies through the judicial pathway. These ongoing battles will undoubtedly shape the future legal standards for digital currencies. 
<h2 style="text-align: justify;" id="span-data-contrast-auto-crypto-says-no-span-span-data-ccp-props-201341983-0-335551550-0-335551620-0-335559739-160-335559740-259-span">Crypto Says No </h2>
A resounding &#8216;no&#8217; to regulations, legal advisories, guidance, and anything to do with crypto is what the SEC has been doing for a while now. The SEC responded to Coinbase following a court&#8217;s demand for clarity, giving the Commission a seven-day period to reply. The regulatory body expressed the need for the &#8220;mandamus petition to be dismissed.&#8221; A mandamus forces a government body into action to fulfill its obligations. 
SEC lawyers stated, &#8220;The Commission has not yet decided what, if any, action it will take on this petition in whole or in part &#8211; which considering the broadness of the rulemaking petition and its submission only months ago and recently finalized by Coinbase is entirely reasonable.&#8221; However, the agency predicts that &#8220;the Commission staff should be able to make a recommendation to the Commission regarding Coinbase&#8217;s rulemaking petition within the next 120 days.&#8221; 
<h2 style="text-align: justify;" id="span-data-contrast-auto-coinbase-baffled-span-span-data-ccp-props-201341983-0-335551550-0-335551620-0-335559739-160-335559740-259-span">Coinbase Baffled </h2>
Coinbase&#8217;s Chief Legal Officer, Paul Grewal, shared in the early hours today that the recent response did not satisfy them. Clearly, the court-compelled answer from SEC was not of the desired nature. Coinbase is demanding regulatory clarity, such as how certain <a href="https://www.bitcoinhaber.net/" target="_blank" rel="noopener" data-wpel-link="exclude">altcoins</a> are declared as securities and how exchanges should operate. 
<img decoding="async" loading="lazy" class="aligncenter wp-image-84282 size-full" src="https://en.coin-turk.com/wp-content/uploads/2023/06/coinbase-2.png" alt="" width="1080" height="1292" srcset="https://en.coin-turk.com/wp-content/uploads/2023/06/coinbase-2.png 1080w, https://en.coin-turk.com/wp-content/uploads/2023/06/coinbase-2-142x170.png 142w, https://en.coin-turk.com/wp-content/uploads/2023/06/coinbase-2-768x919.png 768w, https://en.coin-turk.com/wp-content/uploads/2023/06/coinbase-2-1003x1200.png 1003w" sizes="(max-width: 1080px) 100vw, 1080px" />
Grewal stated, &#8220;Despite the court&#8217;s clear order, they refuse to commit to any deadlines. Instead, they anticipate sending a &#8216;recommendation&#8217; within 120 days. They ignore the President&#8217;s open declarations confirming no intention to make new rules, and instead merge evidence of this declaration being a decision with the claim that the declarations themselves are a decision.&#8221; 
The court was particularly interested in whether SEC was maneuvering to reject Coinbase&#8217;s rulemaking petition, or if SEC needed more time to digest the petition. Late in May, Coinbase submitted a mandamus petition asking the court to inspect the regulatory body&#8217;s regulatory approach to crypto. However, this seems not to have been very fruitful. 
The post <a rel="nofollow" href="https://en.coin-turk.com/coinbase-continues-fight-for-regulatory-clarity-amidst-sec-standoff/" data-wpel-link="internal">Coinbase Continues Fight for Regulatory Clarity Amidst SEC Standoff</a> appeared first on <a rel="nofollow" href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Coinbase Continues Fight for Regulatory Clarity Amidst SEC Standoff

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