The SEC Just Got Sent to Its Room

TL;DR

• The SEC has been straight up ignoring Coinbase’s request for clear regulatory guidance.

• But the Third Circuit Court of Appeals just ordered the SEC to respond to Coinbase’s allegations of insufficient regulatory guidance within 10 days.

• This means the SEC has 10 days to provide a legal basis for why it hasn’t responded to Coinbase’s petition.

Full Story

To the older siblings of the Web3 Daily community:

Remember when you aged into the roll of ‘babysitter’ for your younger siblings? Remember how hard it was to get them to listen to you?

(They’d just happily ignore you – as if it wasn’t 8:30pm and time to brush their teeth – the nerve!).

Yet the moment your parents got home, your dad would fire up his ‘I’m not angry, I’m just disappointed’ baritone, and they’d snap to attention.

Well, much like your bratty younger siblings, the SEC has been straight up ignoring Coinbase’s request for clear regulatory guidance.

But now – say it with us:

Daddy’s home.

By ‘daddy,’ we mean the Third Circuit Court of Appeals, and by ‘home’ we mean they’ve ordered the SEC to respond to Coinbase’s allegations of insufficient regulatory guidance within 10 days.

To be clear:

This doesn’t mean the SEC has 10 days to come up with new/updated regulatory guidelines, but instead provide a legal basis for why it hasn’t responded to Coinbase’s petition.

It’s not a leap. It’s not a bound. But it is a step in the right direction.

We’ll take it!