In a new step amidst the tension with the U.S. Securities and Exchange Commission (SEC), Coinbase continues to pressure the SEC to receive an official response to its petition regarding crypto regulations. The company wants the SEC to decide within 30 days whether they accept the petition or not.
Coinbase’s demand came to light with the SEC’s status update released on October 12, which had been long-awaited. The report states that “the commission staff has made a recommendation to the SEC regarding Coinbase’s petition.” However, the report does not provide any information about the content of this recommendation. Due to this uncertainty, Coinbase’s Chief Legal Officer, Paul Grewal, made a statement criticizing the SEC.
The tension between Coinbase and the SEC is a part of the broader debate on the regulation of the cryptocurrency market. In recent months, the SEC has tightened its oversight of companies operating in the cryptocurrency market, and as a result, other major exchanges like Binance, alongside Coinbase, have been the focus of these inspections.
The recent uncertainties in the crypto space, combined with the increased inspections, have started to pose challenges for many companies. Amidst this atmosphere of uncertainty, Coinbase is taking significant steps to move out of the U.S. due to regulatory ambiguities in the country.
