May 05, 2023
Third Circuit Orders SEC to Respond to Coinbase’s Mandamus Petition Within 10 Days
The United States Court of Appeals for the Third Circuit recently responded to Coinbase’s complaint against the U.S. Securities and Exchange Commission (SEC) regarding the need for clear rules for trading digital assets. The court has instructed the SEC to respond to Coinbase’s writ of mandamus within ten days, giving Coinbase the right to file a reply to the SEC’s response within seven days of the filing.
Coinbase, the largest U.S.-based cryptocurrency exchange, filed a lawsuit in April requesting that the court compel the SEC to publicly disclose its stance on a petition submitted several months prior. The petition posed 50 specific questions about the regulatory treatment of certain digital assets, such as how tokens are classified as securities and seeking clarification on various other matters.
Despite the lack of public response to the petition, the SEC has increased its enforcement and issued warnings to crypto exchanges. The commission has even issued a Wells notice to Coinbase in the past. A Wells notice letter typically warns a company that the SEC may follow with an enforcement action.
The court’s response to Coinbase’s complaint marks a development in the legal battle for regulatory clarity. Coinbase’s chief legal officer Paul Grewal expressed appreciation for the court’s thorough examination of the case and stated that the court had granted Coinbase the right to file a reply to the SEC’s response within seven days of the filing.
As a result of the ongoing regulatory issues faced by Coinbase, U.S. investment bank Citigroup downgraded the shares of the crypto exchange from “buy” to “neutral” and has also lowered its price target. Citigroup analyst Peter Christiansen has cited “too many unknowns” as the reason for this downgrade, and has stated that the downgrade will remain in effect until the regulatory “rules of the road” are better established in the United States.
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