On May 4, 2023, Paul Grewal, chief legal officer, Coinbase, commented that the United States Court of Appeals for the Third Circuit responded to the complaint against the U.S. Securities and Exchange Commission (SEC) for the need of clear rules for the exchange of digital assets, stated Cointelegraph. It is expected that this petition will help to bring transparency to the regulatory system.
“TEXT ONLY ORDER (Clerk) At the direction of the Court, Respondent is ordered to file an answer to the petition for writ of mandamus within 10 days of the date of this order. Petitioner may file a reply to the response within 7 days of the date of filing of the response. (KAG) We appreciate the Court’s careful consideration of this matter,” Paul Grewal tweeted.
As reported by Cointelegraph, Coinbase had filed a lawsuit in April asking the court to make the U.S. Securities and Exchange Commission (SEC) publicly disclose its stance on a petition submitted several months prior. Furthermore, the petition included about 50 questions about the regulatory issues of some digital assets, Cointelegraph concluded.
(With insights from Cointelegraph)