Coinbase and SEC Legal Battles Continue, Rulemaking Petition Case Draws Scrutiny

By: Isha Das

Coinbase's Chief Legal Officer, Paul Grewal, has publicly criticized the U.S. Securities and Exchange Commission (SEC) for their response to Coinbase's rulemaking petition submission. Said petition, which was submitted in June 2022, was a request for the SEC to outline clearer rules for the crypto industry.

However, the SEC rejected the petition on Dec 15, 2023, stating their belief that existing securities regulations for crypto were sufficient. In a recent filing dated Jan, 24, documents leading up to this decision were recorded and shared, though most were without explanation or further comment from the SEC.

Coinbase continues its legal pursuit, asking the court to review the request again. Grewal outlined the timeline for ongoing legal proceedings in a post, stating that Coinbase's brief is due on March 11, followed by the SEC's on April 10, and then Coinbase's response on May 1.

In separate news, SEC has also requested the dismissal of a case against Debt Box after facing potential sanctions due to concerns over "materially false and misleading" statements in their lawsuit against the company.