Coinbase reacts indignantly to SEC postponement

In July 2022, Coinbase asked the U.S. Securities and Exchange Commission (SEC) to establish clear guidelines for the crypto sector. Now the authority is responding and asking for more time.

The U.S. Securities and Exchange Commission (SEC) is asking for more time to respond specifically to Coinbase's request for more clarity on crypto regulations.

Coinbase's chief legal officer, Paul Grewal, informed this on Twitter on June 14. In a letter from the SEC the answer was that the regulator would need at least four months to make a recommendation.

"The Commission staff expects to be in a position to make a recommendation to the Commission regarding Coinbase's regulatory request within the next 120 days," the SEC said.

Coinbase filed a petition earlier in July 2022 asking for guidance and more clarity on how to regulate the new asset class. This was enough reason for the crypto exchange to sue the SEC on April 25.

Grewal expresses outrage at the delay: "They refuse to meet a deadline despite the court's express order."

On June 6, the SEC turned the tables and sued the Coinbase. The accusation: unregistered securities trading. Shortly before that, the authority also sued Binance, the world's largest crypto exchange.