TechFlow news — In a letter submitted to the Third Circuit Court of Appeals on June 13, the Securities and Exchange Commission (SEC) stated it needs an additional 120 days to respond to Coinbase's petition requesting the adoption of new rules and further clarity on cryptocurrency regulations.
The letter responds to the court’s order on June 6, which required the agency to explain whether it was rejecting rulemaking or simply needed more time to reply.
The SEC said it has “not yet decided what action, if any, to take in full or in part,” and dismissed Coinbase’s petition for a writ as “without merit.”
In response, Coinbase Chief Legal Officer Paul Grewal criticized the SEC for reiterating a “fallacy” that it has not decided on any new regulatory rules. He added that the letter ignored clear statements by SEC Chair Gary Gensler that the commission “has no intention of issuing new rules.”
“The SEC conflates the conclusive evidence provided by these statements with their own argument,” Grewal said. “Despite the court’s explicit request, they refuse to commit to any deadline.”
