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SEC Anticipates 120-Day Response Time to Coinbase's Request for Rulemaking

The SEC has stated that it may take up to 120 days to respond to Coinbase's request for rulemaking. The agency has not yet decided on a course of action and has dismissed Coinbase's request for a faster response, citing the potential weakness of its claim. In a filing with the US Court of Appeals for the Third Circuit, the SEC argued that the petition should be denied.

Coinbase's Chief Legal Officer, Paul Grewal, criticized the SEC's response on Twitter, calling it fallacious and claiming that it ignored statements made by SEC Chairman Gary Gensler. The SEC was ordered on June 6th to clarify its position on Coinbase's petition within seven days, following the agency's lawsuit against the exchange and the question of whether this constituted a denial of the petition. Coinbase had filed a lawsuit against the SEC in April in an attempt to obtain a response to its 2022 request for rulemaking.

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