![]() ![]() Positive Development for Coinbase in Crypto Rules Battleįor Coinbase, a favorable outcome in the case could validate its approach to compliance and potentially set a precedent for other exchanges. ![]() □ But today this Circuit is especially deserving of praise for upholding the basic idea that the SEC is accountable under the law, too.Īs such, the recent order by the Circuit deserves praise for upholding the basic idea that the SEC is accountable under the law, too. Paul appeared positive about the outcome a week after he mentioned that the SEC repeated the fallacy that they have not decided to take any action to enforce new crypto rules. We are grateful that the Court will continue to shine a bright light on an SEC process that… /wQu52UuCoU The Third Circuit just ruled that it will retain jurisdiction over our challenge to the SEC’s inaction on our petition for basic rules for crypto. According to him, they are grateful that the court will keep shining a light on an SEC process that is now being operated in darkness. SEC is expected to release a report on fundamental crypto regulations within the next 120 days on Twitter. Furthermore, it is likely to categorize cryptocurrencies and define the SEC’s jurisdiction to regulate them.Ĭoinbase’s Chief Legal Officer, Paul Grewal, also confirmed that the U.S. The report is anticipated to address various significant concerns, such as the definition of security, which is expected to impact the entire cryptocurrency community. As such, the judge’s order is a sign that the SEC is under pressure to clarify its position on crypto regulation. Furthermore, the agency has been accused of being out of touch with the rapidly evolving cryptocurrency market. The SEC’s crypto rulemaking efforts have been criticized by many as being too slow and cautious. The stance comes after the SEC denied Coinbase’s request to reply, asking the court to grant them additional time. MetaLawMan JIs SEC Ready to Drop Some Clarity on Crypto Rules?Īccording to the court’s order, the SEC must submit a report on basic crypto rules within 120 days. If the SEC says that it hasn’t decided by then, the odds swing in favor of On balance this is good news for Third Circuit has ordered the SEC to update the Court on whether it has decided to grant Coinbase’s petition for rulemaking in October. In the ongoing SEC vs Coinbase case, the United States Court of Appeal for the Third Circuit announced on Tuesday that it would retain jurisdiction in the fight led by Coinbase to seek clarity on crypto regulations from the Securities and Exchange Commission (SEC).Īs per the order, the court will not rule on the petition for a Writ of Mandamus presently, allowing the SEC to submit its reply. Join Our Telegram channel to stay up to date on breaking news coverage ![]()
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