SEC Given One Week to Respond to Coinbase's Rulemaking Petition by U.S. Court

The US Court of Appeals for the Third Circuit has ordered the SEC to clarify its position on Coinbase's rulemaking petition within a week. Coinbase had filed a challenge in April, asking the court to force the SEC to respond to its petition for formal rulemaking in the digital assets sector. The SEC has been ordered to explain if it intends to decline Coinbase's request, the reasons for such a decision, or a timeline of when it expects to come to a decision. The SEC is currently suing Coinbase over allegations that it operates an unregistered securities exchange.