The legal battle between Coinbase and the Securities and Exchange Commission (SEC) took a significant turn as the SEC made a recommendation related to Coinbase’s rulemaking appeal, a crucial component of their mandamus action.
Coinbase’s Chief Legal Officer, Paul Grewal, revealed that the SEC communicated with the Third Circuit regarding Coinbase’s rulemaking petition, shedding light on the case’s progress.
SEC Develops Recommendation In Coinbase’s Legal Battle
On October 10, the SEC staff submitted a recommendation to the Commission, following Coinbase’s mandamus petition filed in April 2023, which sought a prompt response to their July rulemaking appeal.
The Court had granted the SEC a 120-day period to provide a reply. While Coinbase’s Chief Legal Officer expressed gratitude for this latest step, more details regarding the recommendation must be answered.
The update needs to provide a formal, public answer to Coinbase’s rulemaking petition, leaving the timeli
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