Coinbase's CLO, Paul Grewal Criticizes SEC's Evasive Response, Urges Court Intervention in Rulemaking Petition Dispute

By alberdioni8406 | Barraca Crypto | 18 Jun 2023


In a new series of tweets, Paul Grewal, the Chief Legal Officer (CLO) of Coinbase, address the response from the U.S. Securities and Exchange Commission (SEC) regarding the rulemaking petition submitted by Coinbase. Paul Grewal expresses his disappointment with the SEC's evasive response and emphasizes the detrimental impact it has on the Cryptocurrency industry.

In the first tweet, he points out that it is unusual for the government to defy a direct question from a federal court. He also highlights the SEC's evasive response to the court's order from the Third Circuit, indicating that it goes beyond a mere lack of cooperation.

Grewal continues by stating that the Commission's decision not to grant Coinbase's rulemaking petition is actively harming the industry. The CLO suggests that the court should grant the "mandamus" judicial remedy to address the SEC's actions.

He goes on criticizing the SEC's refusal to provide a specific timeline for action on Coinbase's petition. Grewal argues that the Commission's lack of transparency regarding the additional time needed implies that any further delay would be futile.

In the fourth tweet, Grewal proposes a course of action for the court. He suggests that the court should order the SEC to report on its action, not just an anticipated staff recommendation, within 60 days. If the SEC fails to act within that time, Grewal recommends that the court promptly decide on the mandamus petition.

Finally, Grewal expresses appreciation for the court's careful consideration throughout the proceedings, indicating that Coinbase values the court's thorough examination of the matter.

Therefore, these tweets highlight Coinbase's frustration with the SEC's response to their rulemaking petition and emphasize the potential harm caused by the Commission's actions. Grewal advocates for court intervention and urges the court to enforce a timeline for the SEC's action on Coinbase's petition.

Opinion

Well, as we know and also have the pleasure of following in the news brought to us by the media, Coinbase's Chief Legal Officer Paul Grewal has plenty of reasons to express dissatisfaction with the United States Securities and Exchange Commission (SEC). They (SEC) have repeatedly ignored the petition to create laws for the crypto industry, suggested by Coinbase.

I believe Coinbase had to resort to the court for mediation due to the regulator's lack of willingness, but even so, the regulator continues to disregard the petition. This wear and tear on Coinbase, reflected by Paul Grewal, is well-founded. After all, as a regulator, the SEC needs to position itself in the market or risk falling behind in the United States' race as a technological hub.

What are your thoughts on Grewal's stance? Leave your comment below, and let's discuss today's topic together.



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