Coinbase Files Court Action for Response to Its July 2022 Petition
Americas largest crypto company Coinbase has taken the fight back to the Securities and Exchange Commission (SEC). On April 24, Coinbase Chief Legal Officer Paul Grewal said the company had filed a “narrow action” in federal court. The move seeks to compel the SEC to respond yes or no to Coinbases pending rulemaking petition. Coinbased filed the petition in July 2022 asking the SEC to provide overdue guidance for the crypto industry. Moreover, it has since been ignored while Gary Gensler and his team have increased their enforcement actions against crypto companies. Grewal said that the SEC is required by law to respond to petitions “within a reasonable time,” la adición de: “It‘s obvious that there’s a lack of clarity among our regulators regarding crypto, as even the chair of the SEC has declined to say which crypto assets are securities.” Coinbase Seeking Clarity The legal executive echoed the sentiment of the entire crypto industry and its users. He said that there is a need for clear laws and rules to follow that are built for new technology. “Enforcement actions based in inapplicable securities law arent the answer.” To date, more than 1,700 entities and individuals have submitted comments to the Coinbase petition echoing the request for clarity, the