Coinbase CLO criticizes SEC’s lackadaisical response in rulemaking petition case
Coinbase CLO Paul Grewal criticized a minimalist legal filing from the U.S. Securities and Exchange Commission (SEC). 30 January.
In a post on X, Grewal wrote:
The SEC denied the request in December. October 15, 2023 disagrees with Coinbase that current crypto-related securities regulations are inadequate.
The SEC’s latest filing, dated Jan. 24, includes a record of the documents that led to the December decision. The linked documents largely contain comments from individuals outside the SEC and notices of meetings between the SEC and Coinbase. Neither type of document discloses the SEC’s position on the matter, and all are presented in the current filing without additional comment from the SEC.
Only the SEC’s initial approval of the petition request and its final denial letter (both included in the most recent filing) likely provide significant information about its stance on the matter.
Coinbase continues to push for review
Although the SEC rejected Coinbase’s rulemaking petition in December, Coinbase asked the court to review the request once again.
Grewal outlined the timeline of upcoming legal proceedings in today’s X post. He said Coinbase’s briefing is due on March 11, the SEC’s briefing is due on April 10, and Coinbase’s response is due on May 1. Third Circuit’s assessment.”
Coinbase’s request is significant because the SEC charged the company with securities violations in June 2023. Although the two cases are separate, Coinbase referred to each in relation to the other. In March 2023, Coinbase anticipated the SEC’s accusations, stating in a public blog post that it had attempted to seek clear rules via a rulemaking petition but was “receiving legal threats” instead.
It is unclear whether the outcome of the rulemaking petition will play any role in the securities violation case. But clearer rules could make it less likely that the SEC will take further enforcement action against Coinbase and other firms in the future.
#Coinbase #CLO #criticizes #SECs #lackadaisical #response #rulemaking #petition #case
Coinbase CLO Paul Grewal criticized a minimalist legal filing from the U.S. Securities and Exchange Commission (SEC). 30 January.
In a post on X, Grewal wrote:
Coinbase first filed a petition for the rulemaking in June 2022. Here, it was requested that the SEC set clearer rules for the crypto industry.
The SEC denied the request in December. October 15, 2023 disagrees with Coinbase that current crypto-related securities regulations are inadequate.
The SEC’s latest filing, dated Jan. 24, includes a record of the documents that led to the December decision. The linked documents largely contain comments from individuals outside the SEC and notices of meetings between the SEC and Coinbase. Neither type of document discloses the SEC’s position on the matter, and all are presented in the current filing without additional comment from the SEC.
Only the SEC’s initial approval of the petition request and its final denial letter (both included in the most recent filing) likely provide significant information about its stance on the matter.
Coinbase continues to push for review
Although the SEC rejected Coinbase’s rulemaking petition in December, Coinbase asked the court to review the request once again.
Grewal outlined the timeline of upcoming legal proceedings in today’s X post. He said Coinbase’s briefing is due on March 11, the SEC’s briefing is due on April 10, and Coinbase’s response is due on May 1.
Coinbase’s request is significant because the SEC charged the company with securities violations in June 2023. Although the two cases are separate, Coinbase referred to each in relation to the other. In March 2023, Coinbase anticipated the SEC’s accusations, stating in a public blog post that it had attempted to seek clear rules via a rulemaking petition but was “receiving legal threats” instead.
It is unclear whether the outcome of the rulemaking petition will play any role in the securities violation case. But clearer rules could make it less likely that the SEC will take further enforcement action against Coinbase and other firms in the future.
#Coinbase #CLO #criticizes #SECs #lackadaisical #response #rulemaking #petition #case
