SEC calls for more time to respond to Coinbase’s call for crypto clarity

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The US securities regulator has requested an additional four months to provide a response to Coinbases’ request for crypto regulatory clarity.

In a June 13 letter submitted to the United States Court of Appeals for the Third Circuit, the Securities and Exchange Commission (SEC) said it needed an additional 120 days to respond to Coinbases’ request for adopt new rules and further clarify the laws governing crypto.

The letter was in response to the June 6 court order to the SEC asking the regulator to say whether it declines rulemaking or needs more time to respond.

The SEC said it has not decided how to proceed with this petition, in whole or in part, and asserted that Coinbases’ request for mandamus is without merit.

The regulator said the mandamus motion should be dismissed, but expected it would be able to make a recommendation on Coinbases’ motion for rulemaking within the next 120 days.

In response to the letter, Coinbase Chief Legal Officer Paul Grewal informed his 40,000 Twitter followers that the SEC had repeated the mistake that it had not yet decided on new regulations.

Related: Hinman Documents Suggest SEC Wrong Agency to Regulate Digital Assets, Says Crypto Lawyer

He added that the letter ignored clear statements by SEC Chairman Gary Gensler that the SEC had no intention of issuing new rules.

[The SEC] instead, confuse the evidence of a decision that these statements provide with an argument that the statements are themselves a decision, Grewal said.

They are refusing to commit to any timeframe despite the court’s explicit order, Grewal added.

The court order to the SEC came the same day the regulator sued Coinbase for offering unregistered securities and operating an unregistered stock exchange.

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