The SECGov has responded to coinbase in the exchange's case against the regulator, with the Commission saying it needs another 120 days to respond.
The letter was in response to the court’s June 6to the SEC which asked the regulator to address if it’s denying the rulemaking or if it needs more time to respond.
The SEC said it “has not decided what action to take on that petition in whole or in part” and claimed Coinbase’sThe regulator claimed that the mandamus petition “should be denied” but anticipated it would be able to make a recommendation on Coinbase’s petition for rulemaking “within the next 120 days.”
In response to the letter, Coinbase chief legal officer Paul Grewal informed his 40,000 Twitter followers that the SEC had repeated the “fallacy” that it was yet to decide on any new regulation.
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