In April, Coinbase filed an Administrative Procedure Act challenge asking the court to force the SEC’s hand and get the regulator to respond to its 2022 petition for formal rulemaking in the digital assets sector, arguing that the existing requirements are ill-suited for digital assets.
Now, the SEC has been ordered to explain within 7 days if it intends to decline Coinbase’s request, the reasons for such a decision, or a timeline of when it expects to come to a decision.
Source: U.S. Judge Gives SEC 7 Days to Respond to Coinbase (COIN) Suit on Rulemaking
