The second ordered a period of 10 days to submit an answer to the petition of Coinbase

The second ordered a period of 10 days to submit an answer to the petition of Coinbase

A US court has instructed the Securities and Exchange Commission to respond to Coinbase's complaint whether the securities supervisory authority would allow the regulation of the industry based on existing framework conditions.

The latest development is emerging in the middle of the escalating tensions between the Sec and Coinbase, the former intensifying the enforcement measures and warnings against crypto companies, including the US crypto-giant.

10-day period of the SEC

Paul Grewal, Chief Legal Officer from Coinbase, went to Twitter Giving that the Third Circuit Court of Appeals issued a only text arrangement that the SEC proves to submit an answer to the mandamus petition of the crypto exchange within ten days. The court also granted Coinbase the right to submit an answer within seven days after the answer of the SEC.

The original petition dates from July 2022, when Coinbase asked whether the SEC would propose and say goodbye to regulate securities that are offered and traded using digital methods. However, the agency refrained from offering concrete public answers.

In the meantime, the SEC has issued a notification of Wells to Coinbase, in which it signals its intention to carry out enforcement measures against the stock exchange.

This prompted Coinbase to submit a close lawsuit to a federal court to force the securities supervisory authority with yes or no. In a file before a federal court of April 24, the company said that it was “inappropriate that the SEC - an agency with over 4,500 employees - needs nine months (and more) to do this simple task.”

Grewal had previously commented on

"From the public statements and enforcement activities of the SEC in the crypto industry, it shows that the SEC has already decided to reject our petition. But they have not yet told the public. So the Coinbase's complaint only urges the court to ask the SEC to share their decision."

Since January, the SEC has targeted cryptoplatt forms such as Bittrex, Gemini and the lender Genesis as well as several individual actors who are accused of manipulated crypto-assets, including Justin Sun von Tron and the founder of Terraform Labs, do Kwon. As a result, many companies are now trying to shift their business in friendly jurisdiction.

global thrust

In the middle of the ongoing difficulties with the SEC, Coinbase started a marketplace based on the Bermudas for institutional users outside the United States. The stock exchange based in San Francisco will initially offer Bitcoin and Ethereum Perpetual Futures, whereby trades being handled in the stablecoin USDC.

The announcement of the new company follows the official approval by the Bermuda Monetary Authority (BMA).

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