US Court Orders SEC to Respond to Coinbase's Petition within 10 Days

Paul Grewal, Chief Legal Officer of Coinbase, said on Twitter that the Third Circuit had issued an order directing the Securities and Exchange Commission (SEC) to file a response to Coinbase's petition for formal rulemaking in the digital assets sector within 10 days. Coinbase can reply within 7 days. The order is as follows:

"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."

Last week, Coinbase filed an action in federal court, requesting the SEC to respond to a petition filed by Coinbase last year, which seeks regulatory clarity around how existing securities laws might apply to digital assets.

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