US Court Interrupts SEC's Enforcement Against Crypto Exchanges
Also Read: Coinbase Receives “Show Cause” Order From 10 US States
US SEC Fails To Provide Clear Rules For Crypto Industry
United States Court of Appeals for the Third Circuit noted that the SEC has filed a lawsuit against Coinbase and other crypto firms without having ruled on Coinbase’s petition. The court asked the commission to submit a letter within 7 days and provide an answer to the pending petition for rulemaking.
As per the order, U.S. SEC needs to decide whether it denies Coinbase’s petition for rulemaking. The court also inquired about the additional time Commission needs to decide whether to grant or deny that petition.
Paul Grewal, Coinbase’s Chief Legal Officer referring to the court order stated that they believe that the SEC could not be proceeding with litigation against the industry. However, this depends if the commission had not decided to deny the rulemaking petition. Read More Crypto News Here…
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Coinbase’s Chief Legal Officer added that they believes that the rules of the crypto industry should come before enforcement actions. However, if the US SEC wants to deny the rulemaking petition then the agency needs to inform the exchange by the law.
It will be important to see whether the US SEC will file a reply to this petition, and if the commission leads its reply with a “No”.