We can’t wait until next week’s deadline to resolve the SEC’s response to the Third Circuit’s June 6 order, Coinbase Chief Legal Officer Paul Grewel said on social media. It is unusual for the government to reject a direct inquiry in federal court. But as we've laid out today, the SEC's evasive response goes further than normal.
The court should now grant a writ of execution because the Commission has decided not to grant Coinbase's rulemaking petition and is actively harming the industry. The committee declined to say how long it would take to act on Coinbase’s petition, confirming the futility of further delays. At the very least, the court should order the commission to report its action in no more than 60 days than the expected staff recommendation and to rule on the enforcement order application promptly if the commission still has not acted within that time.
The court should now grant a writ of execution because the Commission has decided not to grant Coinbase's rulemaking petition and is actively harming the industry. The committee declined to say how long it would take to act on Coinbase’s petition, confirming the futility of further delays. At the very least, the court should order the commission to report its action in no more than 60 days than the expected staff recommendation and to rule on the enforcement order application promptly if the commission still has not acted within that time.