U.S Court Grants 120 Days for SEC to Respond in Coinbase Lawsuit

• US Court grants 120 days to SEC in Coinbase lawsuit
• Petition for Writ of Mandamus noted by the ruling
• SEC must respond within 120 days or verdict may go in Coinbase’s favor

Court Grants 120 Days to SEC in Coinbase Lawsuit

The Third Circuit Court of Appeals recently continued to hear a case brought by Coinbase and others, which seeks to clarify restrictions on digital currencies imposed by the Securities and Exchange Commission (SEC). The court ordered the commission to file a follow-up report no later than 120 days from the date of the order.

Coinbase Requests Response From SEC

Coinbase had submitted a request to the commission, but instead of responding, they requested more time. Paul Grewal, Chief Legal Officer at Coinbase has said that the US SEC is expected to release a report on foundational crypto laws within the next 120 days. He expressed appreciation that the court would continue to shed light on the SEC’s hitherto shadowy operations.

Verdict May Favor Coinbase

The Third Circuit has directed the SEC to inform them of their decision on this petition before October 11th. If they choose not to take action within this extra time provided then it could result in a favorable verdict for Coinbase as it may issue a writ of mandamus.

Positive Outcome For Crypto Industry?

Some have seen this as positive for Coinbase in their pursuit of regulatory certainty in the cryptocurrency industry. A favorable verdict might provide clarity for other players in this field and help move forward with blockchain technology adoption.


The U.S. SEC was given an opportunity by The Third Circuit Court Of Appeals and now have until October 11th 2023 to issue a clear report, at which point a verdict might go in favor or against Coinbase depending on their response within this timeframe