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Coinbase Sues SEC; Will it Affect The Enforcement Action?

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Coinbase has sued the Securities and Exchange Commission. The top exchange sued the regulator despite its possible enforcement action. An ex-SEC official commented on the impact of the case on the SEC.

Initially, Coinbase displayed itself as a business ready to collaborate with regulators. However, there have been agitations between the United States SEC and Coinbase.

As a result, Coinbase filed a suit against the U.S. Securities and Exchange Commission. It took action even though it may face potential enforcement action from SEC.

READ ALSO: Experts to Investors, Don’t Sell Your XRP Before Summary Judgment

How Coinbase Lawsuit Affects SEC

On Monday, April 24, the Chief Legal Officer, Paul Grewal, announced through a Coinbase blog post the legal action against the Securities and Exchange Commission.

The case was filed in the courts to propel the market regulators into providing answers to the petition Coinbase filed last July.

Coinbase petition against SEC was for the regulators to lay down clear rules for the crypto market to follow.

Notably, Coinbase sued the regulator even though it received a Wells notice from SEC last March 22.

The commission came for the exchange, alleging violations in its staking program, asset listings, upgraded trading platform, and non-custodial wallet.

In an April 25 tweet by a former SEC Regional Director, Marc Fagel, the lawsuit by the crypto exchange will never have any impact on SEC’s scheduled enforcement action.

He further says that “this particular lawsuit from Coinbase doesn’t have any impact on the ongoing enforcement action, which will probably be filed within 30 to 60 days”.

According to Fagel, the Securities and Exchange Commission is too “process-driven” to hurry scheduled enforcement because of a recognized provocation.

He emphasizes through another thread that “the lawyers behind the petition were quite brilliant.

However, it is not possible to create anything useful from it. Besides, it wouldn’t derail the long-awaited enforcement action.

READ ALSO: South Korea Charges Terra Co-Founder, But He Denies It

How Long Will It Take?

Although Fagel has a contrary view, the founder of Ludlow Street Advisors, Attorney James MetaLawMan, expects Coinbase’s suit against SEC to be settled in a few months.

Murphy stated that the suit should only take a few months to resolve since it began from the Court of Appeal.

Contrary to the case of Ripple Vs. SEC which has lingered for more than 2 years now, the case involves just oral arguments and briefing without a fact-finding procedure.

Fagel tweeted that if the platform wins the case, it will only need the SEC to answer their rulemaking petition.

After all, this latest Coinbase lawsuit sums up the crypto industry’s frustration regarding improper regulatory clarity within the United States.

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