A US judge has requested that the SEC respond to a request for guidance from Coinbase within a week.
The legal battle between the SEC and Coinbase takes a new dimension with the decision of a US judge. Previously, Coinbase had requested guidance from the SEC. Coinbase, who sent a petition to the SEC on this issue, has not received a response to this petition for more than 9 months.
The SEC, which did not respond to the petition, filed a lawsuit against Coinbase the other day. A US judge has asked the SEC to respond to a request for guidance from Coinbase.
SEC Sweats About Coinbase
The SEC may sweat in its moves against Coinbase at the request of a US judge.
Tensions between the SEC and Coinbase date back months. Coinbase, a public crypto exchange, had previously submitted a petition to the SEC. This petition contained Coinbase’s request for guidance from the SEC. However, the SEC has not responded to Coinbase’s petition for months.
Later, the SEC put Coinbase’s staking services on its radar, and this situation began to strain the industry. Coinbase CEO Brian Armstrong stated that the SEC was inconsistent and did not provide clarity.
The SEC has officially filed a lawsuit against Coinbase the other day, although the environment has been looking calm for a while. This case brought to mind the previous petition.
The U.S. Court of Appeals for the Third Circuit has given the SEC one week to respond to a request for rulemaking and guidance from Coinbase. The request from the court involves the SEC giving a positive or negative response.
The crypto industry, on the other hand, seems happy with this development. If the SEC responds to Coinbase’s request, it may become inconsistent with its lawsuit. Because in the petition, the do’s and don’ts for the sector will be expressed. However, if the SEC doesn’t respond to the petition, it looks like Coinbase will have a stronger hand in the case.
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