The U.S. Securities and Exchange Commission (SEC) has officially responded to the Third Department's request regarding the ongoing dispute with Coinbase.
SEC Finally Responds to Coinbase
The SEC's lengthy response reveals its continued reluctance to clarify its stance on cryptocurrency regulation or commit to a definitive timeline for rulemaking, despite the court's clear orders.
The SEC rejects Coinbase's request for immediate action, calling it an extraordinary request.
The Commission argues that Coinbase has yet to determine an appropriate course of action due to the broad scope of the rulemaking petition, which Coinbase submitted only months ago and recently added.
Most importantly, the SEC ignores the president's clear statements that he has no intention of enacting new rules.
Instead, it combines these statements as evidence of a decision, while denying that these statements constitute a decision in and of themselves.
In an unexpected development, the SEC has given an estimated timeline for further action. The commission's attorney states that they estimate they will be able to issue a recommendation on Coinbase's rulemaking petition within the next 120 days.
They propose to submit a status report to the court by October 11, 2023.
Coinbase's petition has put pressure on the SEC to take a firm stance on cryptocurrency regulation, which has been a point of contention among regulators, crypto companies and investors.
*Not investment advice.
