Coinbase: SEC’s response to its petition rejecting digital asset rules is too brief, next key date is March 11

Odaily Odaily reported that Coinbase Chief Legal Officer Paul Grewal criticized the U.S. Securities and Exchange Commission (SEC) for being too brief in its response to Coinbase’s petition asking it to formulate clearer cryptocurrency regulations. In his tweet, Grewal highlighted the shortcomings of SEC documents that formed the basis of its decision to deny Coinbase’s petition related to digital asset rules. Grewal also outlined a timeline for the upcoming legal proceedings, noting key dates: Coinbase’s brief brief deadline is March 11, the SEC’s brief brief deadline is April 10, and then Coinbase’s response deadline is May 1st. It is reported that in June 2022, Coinbase submitted a petition urging the SEC to develop more transparent rules for the booming encryption industry. However, the SEC rejected the request in December 2023, insisting that current securities regulations for cryptocurrencies were sufficient. At the heart of the dispute lies the latest SEC filing on January 24, 2024. The filing compiles the SEC’s records leading up to its December decision, primarily including external comments and minutes of meetings between the SEC and Coinbase. Notably, the filings do not set out the SEC’s rationale for its decision, indicating a lack of comprehensive explanations in recent SEC filings. (Crypto.news) According to previous news in December 2023, Coinbase submitted a petition to the U.S. Federal Court of Appeal, seeking to review the U.S. SEC’s decision to reject its request to formulate new rules in the digital asset field.