This new lawsuit against Coinbase is helping their other legal battle

So im not sure if any if you guys saw a month or so ago Coinbase made a request for a writ of mandamus to the SEC clarifying their position for their products. It is also known as a “rulemaking petition” which is kind of an extraordinary measure to legally compel them to respond with guidance. Shortly after this was filed SEC responded to the petition citing that regulations “could take years, and in some cases through history even up to a decade”.

Well it looks like the court has been paying attention. CB Chief Legal Officer, Paul Grewal, shared that the Third Circuit Court has ordered a response within 7 days citing:

”the Chair’s statements to both Congress and the public that current regulations are sufficient for digital assets, and the enforcement actions the SEC has recently against Coinbase and others without having ruled on Coinbase’s petition”.

It looks like the SEC may have forgot theyre also simultaneously arguing that rulemaking may take a long time while suing someone for breaking those rules. Gary make oopsie