Court asks SEC to reply Coinbase in 10 days
The Court informed Coinbase that it can issue a reply to the SEC's response within seven days after it is filed.
The U.S. Securities and Exchange Commission (SEC) has been ordered to reply to Coinbase’s legal action within 10 days.
In a May 3 tweet, Coinbase’s chief legal officer Paul Grewal revealed that a Third Circuit court issued a text-only order that directed the financial regulator to file a response to the exchange’s mandamus petition.
According to Grewal, the court also gave Coinbase seven days to issue a reply to the SEC’s responses whenever it is filed.
“TEXT ONLY ORDER (Clerk) At the direction of the Court, Respondent is ordered to file an answer to the petition for writ of mandamus within 10 days of the date of this order. Petitioner may file a reply to the response within 7 days of the date of filing of the response. (KAG)”
In April, the largest U.S.-based exchange filed legal actions against the SEC. Coinbase wants the Commission to provide guidance for companies in the crypto industry and has been engaging the authorities.
Coinbase has recently faced increased regulatory scrutiny from the SEC and received a Well Notice from the regulator over some of its products in March. However, it responded that it does not list securities.
THe company recently launched an International exchange for institutional traders outside the U.S. Industry analysts have speculated that the move was fueled by the rising regulatory pressure on its business in the country.