Coinbase chief legal officer paulgrewal.eth posted on the X platform that he had just issued a brief response to yesterday’s SEC “update” on the company’s rulemaking petition. Coinbase stated,
1. Only a court ruling can prompt the SEC to take action;
2. The SEC’s filing comes just one day after it filed a lawsuit against another cryptocurrency exchange (Kraken), which illustrates that the SEC’s claim that it needs more time to make a decision is false. The actions (against) Kraken must have been approved by the SEC. And (as with previous lawsuits against Coinbase and other companies) it is further evidence that the SEC believes regulatory clarification is not necessary.
According to previous news, on October 14, Coinbase submitted a response to the Third Circuit Court, requiring the SEC to take action on Coinbase’s rulemaking petition within 30 days.