- Crypto Exchange General Counsel Says It Hurts Industry
- He urged the court to hurry the commission
Coinbase exchange has voiced its opinion on the recent response of the US Securities and Exchange Commission (SEC).
Recall that last week the US Court of Appeals ordered the commission to clarify Coinbase’s petition regarding crypto regulation. On June 13, the SEC responded to the lawsuit and asked for “more time to study rulemaking.”
On his page, Coinbase General Counsel Paul Grewal shared the position of the exchange. He began by saying that the commission continues to choose evasive language.
According to Grewal, the SEC’s refusal to say how much additional time it needs to take action on the Coinbase petition “confirms that further delays are futile.”
Grewal writes that in its response, the SEC did not want to express its position on crypto regulation directly. They also do not name specific dates when they will decide on their position. It harms the entire industry.
“At a minimum, the Court should order the Commission to report on its actions, and not on the “expected” personnel “recommendation” – no later than within 60 days, and immediately decide on the application for a mandamus”
Mandamus is a term from American law. It means a court order to an official or other person to perform actions that he is obliged to perform under the law.