Coinbase exchange is now standing in a strong position against the US securities regulatory body over a petition filed by the exchange last year to get clarity on the Crypto regulation system.
Coinbase is a US-based publicly traded crypto firm providing crypto trading services globally. In July 2022, the Coinbase legal team filed a petition with the United States Securities and Exchange Commission (SEC) to get clarity on the crypto regulatory system of the agency, so that Coinbase can easily maintain services under full compliance.
On 25 April 2023, Coinbase chief legal officer Paul Grewal confirmed that the SEC agency failed to give a response to the filed petition, so Coinbase again filed another court action to force the SEC legally to get a response.
On 4 May, Grewal again confirmed that Coinbase is very near to get a response on that petition from the SEC body, as the Third Circuit just issued a text-only order directing the SEC to file a response within the next 10 days.
The Coinbase officer also confirmed that his team has full right to file a request to get a response within 7 days, instead of 10 days.
Now it will be interesting to see what will be the response by the SEC body over the petition & how the SEC body will give a clear answer on crypto regulation.
On the same day, Coinbase’s legal officer shared a photo with Ripple (XRP) Chief Legal Officer Stuart Alderoty.
Ripple vs SEC
Ripple is a San Francisco headquartered fintech company, which has been under a legal fight with the SEC agency since Dec 2020 over the nature of the XRP Token.
Through the lawsuit, the SEC agency claimed that the XRP token is an unregistered security and also Ripple executives control the price of the XRP token.