The legal battle between Coinbase and the Securities and Exchange Commission (SEC) has taken a significant turn as the SEC made a recommendation related to Coinbase’s rulemaking appeal. Paul Grewal, Coinbase’s Chief Legal Officer, revealed that the SEC communicated with the Third Circuit regarding Coinbase’s rulemaking petition, providing some insight into the progress of the case. On October 10, the SEC staff submitted a recommendation to the Commission in response to Coinbase’s mandamus petition, which was filed in April 2023 and sought a prompt response to their July rulemaking appeal. While Grewal expressed gratitude for this latest step, more details regarding the recommendation are still needed. The update should provide a formal, public answer to Coinbase’s petition, but the timeline for a decision by the SEC remains undisclosed. Grewal expressed frustration with the SEC’s delay and urged the SEC to communicate its decision timeline to the Court.
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