SEC delays clarification on crypto regulation
The U.S Securities and Exchange Commission (SEC) has finally responded to Coinbase’s petition for mandamus, requesting a clear regulatory framework for the crypto industry in the U.S. and establishing guidelines for companies like Coinbase. However, the SEC’s response has been met with some confusion that may call for more questions and delays for answers till at least October 11, 2023; as the SEC anticipates making a recommendation to the Commission within the next 120 days.
Coinbase requested periodic updates on the new crypto regulations that the SEC is deliberating on. However, the SEC finds no merit in Coinbase’s extraordinary request, and it is entirely reasonable given the broad nature of the rule-making petition and how recent the filings are.
Coinbase has five days to respond to the SEC’s letter before a court decision.
