SEC Responds to Coinbase’s Petition

The U.S. Securities Exchange Commission (SEC) has given Coinbase an official response regarding its crypto regulation petition.

The ongoing tension between the SEC and Coinbase was brought to light as the SEC issued a formal response in court. Paul Grewal, Coinbase’s chief legal officer, had expressed concern about the SEC’s backlash. He also stated that they would continue to monitor the industry through regulation as a sanction. The SEC, on the other hand, made this clear by finally responding to Coinbase’s crypto regulation petition. Delivering its official response in court, the SEC said it could take years to set any rules, and in the meantime, sanctions would continue. Investors have turned their eyes to the SEC, which is increasingly putting pressure on the stock markets.

Dispute Continues Between SEC and Coinbase

The SEC asked Coinbase to reject the mandamus petition, based on reports it filed with the court. The SEC had a clear stance, linking this decision to the fact that mandamus is an extraordinary solution and that Coinbase does not show a right to help. In addition, the SEC argued that Coinbase had no obligation to meet its requirements set out in its petition, while also stating that the company had unreasonably attempted to rule.

Paul Grewal stated in a Twitter post that he will be revealing his views for the first time on whether the SEC should create rules for the crypto industry. Grewal, who also said that there is much to be clarified on the table, published many more Twitter posts.