The SEC asked to extend the deadline for responding to the rulemaking petition by 120 days.
Coinbase pleaded with the court to mandate a response from the US SEC within 60 days.
Coinbase is seeking a favorable ruling from a federal district court as the U.S. Securities and Exchange Commission (SEC) continues its assault on the cryptocurrency business. Moreover, Coinbase has submitted a response to the commission’s request to extend the deadline for responding to the rulemaking petition by 120 days.
Coinbase’s Chief Legal Officer Paul Grewal made the announcement that the company has filed a rebuttal to the US SEC’s answer in the Third U.S. Circuit Court of Appeals. He said that they couldn’t wait until the next deadline to have an answer since it’s so rare for the administration to ignore a question from a federal court.
Lack of Clear Regulations
In response to Coinbase’s rulemaking petition, the Commission said that it has not yet determined the course of action to pursue. However, it requested an extension of time before a response could be submitted.
Despite the lack of clear regulations, it has been claimed that the US SEC has filed enforcement proceedings against the crypto-related industry.
The legal head at Coinbase remarked that since the US SEC has opted not to allow the cryptocurrency exchange’s petition, the court should issue a mandamus to them. He continued by saying that any delay would be fruitless in light of the commission’s denial as expressed in their most recent court statement.
The crypto exchange pleaded with the court to mandate a response from the US SEC within 60 days. This statement, however, should not be a foregone conclusion of the staff in order to allow the court to make a prompt decision on the mandamus petition.