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Coinbase Chief Legal Officer Paul Grewal provides the latest update on Coinbase's rulemaking petition requesting regulatory clarity from the SEC.
Earlier this year, top crypto exchange Coinbase took a formal step to seek regulatory clarity from the SEC for the crypto industry.
Coinbase submitted a petition for a Writ of Mandamus in April 2023, requesting that the commission act on the crypto exchange's July 2022 rulemaking petition within seven days.
Following that, both sides filed motions subsequently. SEC filed a response, and Coinbase also filed a reply.
In a tweet, Coinbase CLO Paul Grewal provided an update on how its bid has progressed.
The SEC has provided its court-ordered update to the Third Circuit in Coinbase's mandamus action. The SEC staff has made a recommendation to the commission in connection with Coinbase's rulemaking petition.
In the document shared by Grewal, the SEC stated that, in response to the court's order, the commission's counsel has submitted a letter addressing the status of the Coinbase rulemaking petition.
The letter explains that under current circumstances, the SEC anticipates being able to make a recommendation to the commission regarding Coinbase's rulemaking petition within 120 days, and that if the court is unwilling to deny the mandamus petition at this time, counsel for the commission can provide the court with a status report by Oct. 11, 2023, if the period expires.
The SEC indicated that its staff will provide a recommendation to the commission for its consideration regarding Coinbase's rulemaking petition on Oct. 10, 2023.
Grewal anticipates that, while the court's decision prompted this minor step, a formal, public response to the petition is still long overdue. Given the ongoing enforcement campaign against crypto, the SEC should, at the very least, tell the court its timeline for a decision.
Grewal says in another tweet: "I'd say that so far we've received peanuts after we simply asked for rules from the SEC. But no—the peanuts are at least something regulated according to the Administrative Procedure Act."
Alex Dovbnya
Denys Serhiichuk
