- Coinbase’s legal dispute with the SEC continues.
- The US Court of Appeals instructed the SEC to respond within ten days.
- The milestone marks a significant step towards regulatory transparency.
Coinbase Champions Exchange Rights, Puts Pressure on SEC for Regulatory Clarity
On May 4, Coinbase chief legal officer Paul Grewal announced a new development in the company’s legal dispute with the U.S. Securities and Exchange Commission (SEC) over the lack of clear regulations for digital asset trading. The United States Court of Appeals for the Third Circuit has instructed the SEC to respond to Coinbase’s complaint within ten days, marking a significant milestone in the ongoing fight for regulatory transparency.
The court has issued a text-only order, addressing the writ of mandamus submitted by Coinbase. This court order demands that the SEC, as a lower-ranking government official, properly fulfill their duties by providing clear guidance on crypto trading regulations.
In a display of the court’s commitment to a thorough examination of the case, Coinbase has been given permission to submit a response to the SEC’s reply within seven days of the SEC’s submission. Paul Grewal expressed gratitude for the court’s meticulous handling of the matter.
This legal battle, spearheaded by Coinbase, showcases the company’s dedication to advocating for the rights of crypto exchanges by adhering to the legal rules set forth by authorities. Being one of the leading cryptocurrency exchanges in the United States, Coinbase’s push for regulatory clarity may pave the way for other exchanges to demand the same transparency, ultimately shaping the future of the crypto industry.
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