SNEAK PEEK

• Coinbase is making headway in its legal battle against the SEC for clarity on digital asset regulation.
• The Third Circuit has ordered the SEC to respond to Coinbase’s mandamus petition within ten days.
• Coinbase has been requesting regulatory clarification on the rules regulating digital assets.

In a recent development in the ongoing legal battle between Coinbase and the Securities and Exchange Commission (SEC), the Third Circuit has ordered the SEC to respond to Coinbase’s mandamus petition within ten days. This follows Coinbase’s decision to take legal action after the SEC failed to reply to its initial request for formal regulation on digital assets.

The Third Circuit just issued a text-only order directing the SEC to file a response to our mandamus petition within 10 days (and gave us 7 days for a reply). Here’s the text of the order:

TEXT ONLY ORDER (Clerk) At the direction of the Court, Respondent is ordered to file an…

— paulgrewal.eth (@iampaulgrewal) May 3, 2023

As one of the largest cryptocurrency exchanges in the world, Coinbase has been requesting regulatory clarification on the rules regulating digital assets. The company submitted an appeal to the SEC for formal regulation in digital assets last year but to no avail. In response, Coinbase submitted a second petition in federal court to force the SEC to reply to its initial request.

Now, with the Third Circuit’s order, Coinbase is making progress in its efforts to receive clarity on the potential implications of current securities regulations for digital assets. Bill Morgan, a lawyer and digital asset enthusiast, applauded the recent development and expressed his satisfaction with the speed at which things move.

Great to see it moving quickly. https://t.co/AVCu8LdgRK

— bill morgan (@Belisarius2020) May 3, 2023

While the outcome of this legal battle remains uncertain, Coinbase‘s efforts to push for regulatory clarity are commendable. With the cryptocurrency industry growing unprecedentedly, regulatory bodies must keep up with the changing landscape to ensure investor protection while fostering innovation.

The world of cryptocurrency is constantly shifting, and the recent legal battle between Coinbase and the SEC is just the latest twist in the ongoing saga. While the ruling in favour of Coinbase may give the impression that the court is sympathetic to their concerns, the real question remains: what happens next? Will the SEC be forced to clarify their policies regarding digital assets, or will they push back against Coinbase’s appeal?

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• Source: https://investorbites.com/third-circuit-orders-sec-to-respond-to-coinbases-mandamus-petition/