Court orders U.S. SEC to respond to Coinbase appeal within 10 days
Court orders U.S. SEC to respond to Coinbase appeal within 10 days
Coinbase's lawsuit sparked a legal battle in court over clarity in the regulation of digital assets and their trading rules. The court responded to Coinbase's appeal and issued a clear ruling.
Coinbase's Chief Legal Officer, Paul Grewal, made the announcement.
He said the court issued a textual order on Coinbase's complaint. The court ordered the U.S. Securities and Exchange Commission to respond to Coinbase's complaint within 10 days.
According to Coingape, Coinbase will then be able to file an SEC response within 7 days of the filing. Attorney Paul Grewal said the cryptocurrency exchange is grateful to the judges for considering its appeal.
Crypto analysts are now waiting to see how the SEC will respond to the court's order.
To recall, Coinbase, the largest U.S. crypto exchange, filed a lawsuit against the SEC in April. In the petition, attorneys asked the court to order the SEC to publicly release its official opinion on the exchange's petition. Coinbase is interested in establishing transparency in cryptocurrency regulation.
The SEC has yet to respond to the court's decision but continues to ramp up enforcement actions and harass cryptocurrency exchanges.
The Coinbase exchange has more than 43 million clients, with total assets on the platform equivalent to more than $90 billion. The company caters to traders of all levels and offers unique educational programs that allow them to make money while they learn.
