The Securities and Exchange Commission (SEC) estimates that Coinbase will need 120 days to respond to the rulemaking request.
While the SEC continues to increase its pressure on the cryptocurrency industry, it continues to deal with lawsuits. The SEC stated that Coinbase needs 4 months to respond to its response.
SEC Says It Wants 120 Days to Respond to Coinbase Request
The Securities and Exchange Commission (SEC) estimates that Coinbase will need 4 months to respond to the rulemaking request. The SEC said it has yet to decide what action to take on the request, and denied Coinbase’s request for a faster response, arguing that the request was weak. In a document submitted to the United States Court of Appeals for the Third Circuit, the SEC argued that Coinbase’s request should be denied.
Coinbase’s Chief Legal Officer, Paul Grewal, criticized the SEC’s response on Twitter. Grewal claimed that the SEC’s response was unfounded and ignored statements made by SEC Chairman Gary Gensler.
The SEC has given Coinbase a seven-day deadline to clarify its stance on its petition on June 6. This process involved the SEC’s lawsuit against Coinbase and whether the petition was dismissed. Coinbase filed a lawsuit against the SEC in April to respond to its 2022 rulemaking request.
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