TL;DR
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The SEC has ignored Coinbase’s request for clear legal guidance.
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But the Third Circuit Court of Appeals just ordered the SEC to respond to Coinbase’s allegations of insufficient regulatory guidance within 10 days.
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This means the SEC has 10 days to provide a legal basis for not responding to Coinbase’s petition.
Full story
To the older siblings of the Web3 Daily community:
Remember when you grew up in the role of a “babysitter” for your younger siblings? Remember how hard it was to get them to listen to you?
(They just happily ignore you – like it’s not 8:30pm and time to brush their teeth – guts!).
But the moment your parents came home, your father fired up his “I’m not angry, I’m just disappointed” baritone, and they caught the eye.
Well, like your cocky younger siblings, the SEC ignored Coinbase’s request for clear legal guidance.
But now – say it with us:
Father is home.
By “daddy” we mean the Third Circuit Court of Appeals, and by “home” we mean they ordered the SEC to respond to Coinbase’s allegations of insufficient regulatory guidance within 10 days.
To be clear:
This does not mean that the SEC has 10 days to come up with new/updated regulatory guidance, but instead provides a legal basis for not responding to Coinbase’s petition.
It’s not a jump. It’s not a limit. But it is a step in the right direction.
We’ll take it!
