8 months ago
Coinbase CLO Paul Grewal criticized a minimalistic ineligible filing from the U.S. Securities and Exchange Commission (SEC) connected Jan. 30.
Grewal wrote successful a station connected X:
“Below is the administrative grounds of [the SEC’s] determination rejecting our petition for integer assets rules. See for yourself whether it’s adjacent adjacent to implicit oregon capable to warrant their decision.”
Coinbase primitively submitted a petition for rulemaking successful June 2022. There, it requested that the SEC acceptable retired clearer rules for the crypto industry.
The SEC rejected the petition connected Dec. 15, 2023, disagreeing with Coinbase that the existing securities regulations astir crypto are insufficient.
The SEC’s latest filing, dated Jan. 24, is simply a grounds of documents starring up to its December decision. The linked documents mostly see comments from individuals extracurricular of the SEC and notices of meetings betwixt the SEC and Coinbase. Neither papers benignant explains the SEC’s stance connected the matter, and each are presented without further remark from the SEC successful the existent filing.
Only the SEC’s archetypal acknowledgement of the petition petition and its last rejection missive (both of which are listed successful the latest filing) arguably supply important accusation astir its stance connected the matter.
Coinbase continues to propulsion for review
Though the SEC rejected Coinbase’s rulemaking petition successful December, Coinbase asked the tribunal to reappraisal the petition erstwhile again pursuing that outcome.
Grewal described the timeline for upcoming ineligible proceedings successful his X station today. He said that Coinbase’s little is owed connected March 11, that the SEC’s little is owed connected April 10, and that Coinbase’s effect is owed connected May 1. He added that Coinbase “appreciate[s] the Third Circuit’s consideration.”
Coinbase’s petition is important due to the fact that the SEC charged the institution with securities violations successful June 2023. Though the 2 cases are separate, Coinbase has referred to each successful narration to the other. In March 2023, Coinbase anticipated the SEC’s charges and stated successful a nationalist blog station that it attempted to inquire for wide rules done its rulemaking petition, but “got ineligible threats instead.”
It is unclear whether the result of the rulemaking petition volition play immoderate relation successful the securities usurpation case. However, clearer rules could trim the likelihood of further SEC enforcement against Coinbase and different firms successful the future.
The station Coinbase CLO slams SEC’s barebones effect successful rulemaking petition case appeared archetypal connected CryptoSlate.
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