U.S. Court Orders SEC to Respond to Coinbase Allegations Within 10 Days
Coinbase last week argued the SEC is providing insufficient regulatory guidance for U.S. companies operating in the crypto sector
The U.S. Securities and Exchange Commission (SEC) has been ordered by a U.S. court to respond to cryptocurrency exchange Coinbase's (COIN) complaint over how it applies securities laws to digital assets.
The Third Circuit Court of Appeals said in a Wednesday filing that the SEC must file its response within 10 days. Coinbase may then file a response seven days thereafter.
Coinbase last week argued that the SEC is providing insufficient regulatory guidance for U.S. companies operating in the crypto sector, saying the commission must "at a minimum must set forth how those inapt and inapposite requirements are to be adapted to digital assets."
The crypto exchange referred to a 2022 petition asking for formal rulemaking within the digital assets sector, to which the SEC is yet to respond. The 10-day deadline ordered this week refers to the SEC's requirement to provide a legal basis for why it has not responded to the petition.
Coinbase has been attempting to launch a pre-emptive strike against the SEC, which said in March it expected to sue the exchange over allegations of offering unregistered securities products.
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