Skip to main content

Coinbase blasts SEC for no straight answers following court order

The comment from the crypto exchange came after the SEC asked for more time to respond to Coinbase's rulemaking petition.

Coinbase has slammed the United States securities regulator for failing to answer questions asked in the U.S. Court of Appeals as part of its ongoing legal battle with the regulator.

In a June 17 letter filed in the Court, lawyers for the crypto exchange accosted the Securities Exchange Commission (SEC) for continuing to offer “no straight answers” to the Court in relation to Coinbase’s rulemaking petition, which calls on the SEC to establish a regulatory framework for digital assets.

“When ordered by this Court to address the stark inconsistency between its litigating position and its actions and statements elsewhere, the SEC still offers no straight answers and instead repeats its talking points,” Coinbase’s letter said.

The letter was in response to the SEC’s June 13 submission requesting an additional 120 days to reply to Coinbase’s rulemaking petition.

Coinbase claimed the SEC is reluctant to inform the Court of updates on its decision saying it “bristles even at being ordered to update the Court on its progress.”

The firm claimed the impact of the SEC’s silence, the lengthy delays and its enforcement actions continue to weigh on the crypto industry and SEC chair Gary Gensler "continues to charge well down the path to irreparably damaging a U.S. public company and an entire industry.”

On June 17, Coinbase’s chief legal officer Paul Grewal said in a series of tweets that it’s “unusual for the government to defy a direct question from a federal court.”

Related: Hong Kong legislator invites Coinbase to the region despite SEC scrutiny

Grewal said he’s hoping for the Court to grant a writ of Mandamus — a court order to a government official ordering them to fulfill their official duties under the law — given the SEC knocked back Coinbase’s petition.

Coinbase is also submitting that the Court instead set a deadline of 60 days or less starting from June 13 — the date of the SEC’s request.

In a separate case, the SEC sued Coinbase on June 6, alleging the trading platform broke various securities rules, most notably for purportedly offering cryptocurrencies that the regulator considers to be unregistered securities.

Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?



from https://ift.tt/D2lkwXj
https://ift.tt/kHXAMub
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community.  Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for  resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...
Post a Comment
Read more

How Social Platform Chingari is Using Web 3.0 to Transform the Traditional Way We Use Social Media

The world is changing. This isn’t news to anyone, but sometimes it is nice to realize that—contrary to news headlines—not all the change is bad.  In fact, the last decade has seen so much innovation and so many improvements to technology that even 2015 seems like a different world.  Internet speeds, connecting with anyone globally (for free), and our ability to reach large groups of people without a middleman is nothing short of revolutionary. When it comes to technology evolution, this often happens with different iterations.  Once a system is mature, there’s a better idea of what we would like to change and improve.  We go back to the drawing board, target our creative minds at the issues, and create a new version that has evolved to better meet our needs.  The Internet has followed this model since its inception, evolving through three distinct stages.  We are only at the cusp of the third stage, called Web 3.0, with technologies such as blockchain and ...
Post a Comment
Read more

INX submits bid for Voyager Digital's assets

FTX US won a $1.4-billion bid to purchase Voyager’s assets in September, but with the firm filing for bankruptcy, the funds were once again up for grabs. Trading platform INX has submitted a bid for an undisclosed amount to purchase the assets of crypto brokerage firm Voyager Digital. In a Nov. 30 announcement, INX said it had sent a non-binding letter of intent for Voyager’s assets following the platform filing for bankruptcy in July. According to INX CEO Shy Datika, the bid was aimed at providing “credibility, technology, and unique regulatory positioning” for Voyager users seeking stability in a volatile market. Voyager’s original bankruptcy filing from the Southern District Court of New York suggested the firm could owe between $1 billion to $10 billion to more than 100,000 creditors amid a bear market and exposure to Three Arrows Capital. In September, FTX US won a $1.4-billion bid to purchase Voyager’s assets, but with FTX Group itself filing for bankruptcy in November, th...
Post a Comment
Read more