Court Gives SEC 10 Days to Respond to Coinbase’s Complaint

  • The U.S. Third Circuit Court of Appeals has filed a text-only order against the securities regulator, giving it 10 days to respond to Coinbase’s complaint.
  • The crypto exchange filed a lawsuit against the SEC last week, requesting a response to a rulemaking petition it had filed back in July 2022.
u.s. sec


A U.S. court has ordered that the Securities and Exchange Commission (SEC) has 10 days to respond to the complaint made by cryptocurrency exchange Coinbase last month, Coinbase’s chief legal officer Paul Grewal said on 4 May.

According to the announcement, the U.S. Third Circuit Court of Appeals filed a text-only order against the SEC, giving it 10 days to respond to Coinbase’s writ of mandamus — a court order addressed to a government official, requesting them to fulfill their official duties properly — after which the exchange will have 7 days to file its own reply.

The court order was issued in response to Coinbase’s lawsuit against the SEC from last week, in which the exchange requested that the regulator is compelled to respond to a petition submitted by Coinbase back in July 2022. In its petition, the exchange requested that the SEC provide clearer regulatory guidelines for the crypto industry, as well as answer 50 specific questions about the regulatory treatment of certain digital assets.

The lawsuit was filed almost a month after Coinbase revealed it had received a Wells notice from the SEC — a letter warning a company that enforcement actions might be taken — which alleged the exchange’s services may be violating securities law. Coinbase noted that it had asked the SEC to specifically identify which parts of its business were violating securities law, but they declined to do so.

Related Coverage
FTX, Alameda Wallets Move $13M to Exchanges
  • A little over $13 million in altcoins were sent to crypto exchanges Binance and Coinbase in the past 24 hours, which is in accordance with a September court order.
  • The court ordered a phased liquidation process, which allows the bankruptcy estate to sell $3.4 billion worth of digital assets over a certain period of time.
November 1, 2023, 2:27 PM


DoJ Says Lack of U.S. Crypto Laws Irrelevant in SBF Lawsuit
  • Sam Bankman-Fried’s legal counsel had claimed he should not be charged with any crimes involving FTX as it was not regulated in the U.S., only FTX.US was.
  • The DoJ said the claim was irrelevant as SBF was charged for violating existing laws for misappropriating customer assets.
Coinbase Opens Base Blockchain to the Public
  • Coinbase’s Base blockchain was made available to the public on Wednesday, featuring over 100 dApps and services as part of its ecosystem.
  • In order to show its capabilities and promote its mainnet partners, Base has also launched an event called “Onchain Summer” that will allow users to mint exclusive NFTs on the network.