By Hassan Mehmood (Saudi Arabia)
Coinbase is the largest cryptocurrency exchange operating out of the USA. The firm has recently decided to take to the courts to sue Securities and Exchange Commission in the matter of getting answers about the reasons behind regulatory pushback.
To this end, Paul Grewal is the Chief Legal Officer or CLO at Coinbase, who was serving as the former US magistrate and judge for a solicitation firm called Howrey LLP.
He has also served as VP and Deputy General Counsel at Facebook. Talking on the matter recently, he maintained that Coinbase is preparing to file an official complaint in the federal court against SEC.
This complaint will seek a proper response from the SEC on the matter of their July petition. Thus this petition may serve as a rule creating guidelines for the entire cryptocurrency space.
Coinbase to Take Legal Action Against SEC
A new article entails that narrow action can refer to a type of legal action that has only one objective in focus. Rather than working on various topics or issues spread across different platforms.
It also entails that Coinbase may be able to emphasize legal actions that are focused on getting the right decision from SEC and leaving the broader petition for formal regulatory guidelines.
Also read:That means that Coinbase may be able to allow agencies and other regulatory departments to issue public input and go through a proper judicial review process. Writ of Mandamus is a Coinbase filing where the clerk of the US court may be able to appeal a 3rd circuit as per Coinbase counsel Eugene Scalia.
It means that around 1,700 companies and private investors are working on the Coinbase petition. The Administrative Procedure Act or APA from SEC can respond after the proper duration has passed.
Coinbase has updated in a new blog that confirmation for receipt of Wells notice from SEC. Thomson Reuters explains that this type of notice is issued by financial industry regulators.
It means that it is a document issued by SEC, FINRA, and CFTC when an investigation has been stopped. It can even enforce a proceeding against a possible violation of regulatory laws.
This notice has been named after the advisory committee head John Wells who has managed to issue these notifications. It even means that Wells notice may remain discretionary, and regulators can publish this legal documentation for individual cases except for special occasions. Coinbase has taken a step to gain access to the main reason that prompted SEC to take legal action against it.
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