Coinbase has criticized the US securities regulator for failing to respond to questions posed in the US Court of Appeals as part of its ongoing legal battle with the regulator..
In a letter presented on June 17 before the Court, Crypto exchange lawyers lashed out at the Securities and Exchange Commission for continuing to dodge Coinbase’s regulation petition, which asks the SEC to establish a regulatory framework for digital assets.
“When you are ordered by this Court to address the flagrant inconsistency between your position in the litigation and your actions and statements elsewhere, the SEC continues to offer no direct answers and instead repeats its arguments,” the Coinbase letter reads..
The letter was in response to the SEC’s June 13 filing requesting an additional 120-day window to respond to Coinbase’s regulatory request..
Coinbase alleged that the SEC is reluctant to inform the Court of updates to its decision, stating that it “bristles even when ordered to update the Court on its progress.”
The firm claimed that the impact of the SEC’s silence, long delays, and its enforcement actions continue to weigh on the crypto industry.and SEC Chairman Gary Gensler “continues to charge well down the path of irreparably damaging an American public company and an entire industry.”
On June 17, Coinbase’s chief legal officer, Paul Grewal, said in a series of tweets that it is “unusual for the government to challenge a direct question from a federal court.”.
We couldn’t wait until our deadline next week to address the SEC’s response to the June 6 order from the Third Circuit. It is unusual for the government to defend a direct question from a federal court. But the SEC’s evasive response goes further, as we set out today. 1/5 pic.twitter.com/ssULmUpzi2
— paulgrewal.eth (@iampaulgrewal) June 17, 2023
We couldn’t wait until our deadline next week to address the SEC’s response to the Third Circuit’s June 6 order. It is unusual for the government to challenge a direct question from a federal court. But the SEC’s evasive response goes further, as we expose today. 1/5 pic.twitter.com/ssULmUpzi2
Grewal said he hopes the court will grant an injunction — an injunction ordered by a government official to carry out his official duties under the law — since the SEC denied Coinbase’s request..
Coinbase is also asking the court to set a deadline of 60 days or less from June 13, the date of the SEC’s request..
In a separate case, the SEC sued Coinbase on June 6, alleging that the trading platform violated various securities regulations.especially for offering cryptocurrencies that the regulator considers unregistered securities.
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