SEC asked Coinbase for time to clarify cryptocurrency regulations
The US agency requested a four-month extension to evaluate and respond to Coinbase's request.
The United States Securities and Exchange Commission requested a four-month extension to respond to Coinbase’s request for regulatory clarity on cryptocurrencies.
In a communication to the United States Court of Appeals for the Third Circuit on June 13, the SEC stated the need for an additional 120 days to address Coinbase’s request to establish new regulations and provide greater clarity on the laws that govern the cryptocurrencies.
This letter was a response to a June 6 court order urging the SEC to address whether it was refusing to set rules or requiring more time to respond. The SEC stated that it had not yet made a full or partial decision on the petition and argued that Coinbase’s request to issue an injunction was without merit.
While stating that the mandamus request “should be denied,” the SEC anticipated that it could make a recommendation on Coinbase’s request for regulation within the next 120 days.
In response to this communication, Paul Grewal, Coinbase’s chief legal officer, informed his 40,000 followers on Twitter that the SEC had once again repeated the “fallacy” that no decision on new regulations had yet been made.
In addition, Grewal noted that the letter ignored clear statements by SEC Chairman Gary Gensler, who had stated that the entity “had no intention of issuing new rules.”
“[The SEC] instead confuses the evidence of a decision that these statements provide with the argument that the statements themselves constitute a decision”, Grewal said.
K. Tovar
Source: Cointelegraph
(Reference image source: Kelly Sikkema, Unsplash)
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