According to an announcement from Coinbase’s chief legal officer Paul Grewal, the US Court has ordered the SEC to respond to Coinbase’s allegations within 10 days.
The United States Securities and Exchange Commission (SEC) has been ordered by a US court to respond to a complaint by cryptocurrency exchange Coinbase about the issuance of a formal regulatory framework for digital assets and must Submit a response within 10 days.
Paul Grewal stated that the court granted Coinbase the right to submit a response to the SEC’s response within seven days of filing. He also expressed his appreciation that the court had carefully considered the case.
A week ago, Coinbase filed a lawsuit asking the court to force the SEC to publicly disclose its stance on the lawsuit filed a few months earlier.
In the lawsuit , the exchange raised 50 specific questions about the regulatory treatment of certain digital assets. The questions were wide-ranging, covering topics like how tokens are classified as securities, and asked for clarification on many other issues.
Despite the lack of public response to the lawsuit, the SEC has consistently issued warnings against cryptocurrency exchanges. The SEC has even issued Wells notices to Coinbase in the past.