The U.S. Securities and Trade Fee (SEC) says it wants extra time earlier than deciding whether or not to answer Coinbase’s request for regulatory readability concerning the crypto trade.
Coinbase filed a movement in court docket in April to compel the SEC to answer a July petition from the corporate requesting steering for the digital asset trade.
Final week, the SEC sued Coinbase, alleging the highest US crypto trade operated as an unregistered securities trade, dealer and clearing company.
That very same day, the U.S. Courtroom of Appeals for the Third Circuit issued an order requiring the regulator to answer Coinbase’s movement inside seven days, citing the not too long ago introduced lawsuit in opposition to the trade.
The SEC filed a reply on Monday, arguing there’s “no benefit” to Coinbase’s try to compel them to answer the rulemaking petition shortly.
“The Fee has not determined what motion to tackle that petition in entire or partly – which is fully affordable given the breadth of the rulemaking petition and the truth that it was filed simply months in the past and supplemented by Coinbase extra not too long ago.”
The SEC argues that its ongoing consideration of Coinbase’s rulemaking petition doesn’t undermine current regulation and its latest efforts to implement it. The regulator additionally says its lawsuit in opposition to Coinbase doesn’t imply it has determined to say no the trade’s request for regulatory readability.
“There isn’t a inconsistency between the Fee’s allegations that Coinbase has violated long-existing regulatory requirements and the Fee’s consideration of whether or not the present regime must be augmented or modified.”
The SEC argues it shouldn’t need to “bind itself” to a deadline to answer Coinbase’s petition, nevertheless it does word that its workers “anticipates being ready to make a suggestion to the Fee concerning that petition inside the subsequent 120 days.”
Paul Grewal, Coinbase’s chief authorized officer, blasted the regulator’s response on Twitter, claiming the SEC’s attorneys “repeat the fallacy” that the Fee hasn’t made any new selections on crypto rules.
“They refuse to decide to any deadline regardless of the Courtroom’s specific order; they as an alternative ‘anticipate’ making a ‘suggestion’ in 120 days; and most significantly, they ignore the clear statements of the chair that affirm they don’t have any intent to challenge new guidelines, and as an alternative conflate the proof of a call these statements present with an argument that the statements are themselves a call.”
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