In a significant legal win for Coinbase, the Third Circuit has ordered the United States Securities and Exchange Commission (SEC) to respond to the company’s writ of mandamus within ten days.
The statement comes after Coinbase filed a lawsuit in April, asking the court to compel the SEC to publicly reveal its position on a petition made many months earlier.
Coinbase presented 50 specific questions on the regulatory status of certain digital assets, emphasising the need of having clear rules for trading digital crypto assets.
In response to the court’s recent ruling, Coinbase’s Chief Legal Officer, Paul Grewal, expressed his appreciation for the court’s examination of the case and for the progress that has been made so far.
Also Read: Coinbase Strikes Back at SEC: Sues for Clear Crypto Regulations
He also noted that Coinbase has been given permission by the court to respond to the SEC’s reply within seven days of filing, which is great news for the company.
It is a victory for Coinbase, as it shows that the court is taking a thorough and fair approach to the case. A writ of mandamus is a court order that orders a subordinate government official to do their job properly. It also indicates that the court recognizes the importance of clear and consistent regulations in the crypto industry.
Overall, this recent development is a step in the right direction for the industry, as it continues to push for a better regulatory framework to enable it to reach its full potential.
Also Read: Coinbase Responds to SEC’s Wells Notice
