The US Court of Appeals for the Third Circuit has instructed the Securities and Exchange Commission (SEC) to clarify its stance on a rulemaking petition submitted by Coinbase. The cryptocurrency exchange had filed a challenge in April, requesting the regulator to respond to its 2022 petition for formal rulemaking in the digital assets sector. The SEC has been given seven days to explain whether it intends to decline Coinbase's request, the reasons for such a decision, or a timeline for a decision. Coinbase's Chief Legal Officer, Paul Grewal, has said that if the SEC's answer to the petition is "no", they have the legal right to question it in court.
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U.S. Court Tells SEC to Respond to Coinbase's Rulemaking Petition Within a Week
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