.iampaulgrewal Coinbase addresses SEC's response, says further delay is futile
Grewal stated that the crypto exchange could not wait until its deadline in the upcoming week to answer the SEC, as it seems unusual for an agency to defy a direct question from a federal court. He added that the SEC's evasive response goes further, and thus it sets out its response.
Coinbase argues that the smoking gun evidence is the SEC's now-filed enforcement action against Coinbase itself, demanding compliance with nonexistent rules it had urged the commission to write last summer. The SEC responded to the court order this week, on June 13 precisely, saying that it had not reached a decision one way or the other but that agency staff expects to make a recommendation within 120 days.
In doing so, the court should order the SEC to report the status of its action on the Coinbase petition, not the status of its staff's recommendation, it added.Coinbase recommends that if the agency still has not decided on its petition at the time, then the court should promptly rule on its submitted mandamus petition.
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