The US Securities and Exchange Commission (SEC) recently released a response to Coinbase’s petition. The Chair, Gary Gensler, stated that Coinbase possesses no right to mandamus. There is no regulation or statute that requires the SEC to release the guidelines within a specified timeline.
Today the SEC responded to Coinbase’s petition for a writ of mandamus — asking the court to require the SEC to respond just yes or no to whether it will undertake rulemaking for our industry. The SEC’s answer? A resounding maybe. 1/7
— paulgrewal.eth (@iampaulgrewal) May 16, 2023
Coinbase requested federal courts to instruct the commission to issue clear regulatory guidelines for crypto companies and exchanges back in April. The SEC noted that it has only been months since Coinbase filed its petition and even less time since the exchange supplemented the record.
The SEC added that formulating such a massive framework that can affect the securities market and crypto assets will take time. The response has put Coinbase under the spotlight once again.
Meanwhile, Coinbase has not replied to the SEC till now. Instead, the Coinbase exchange has shifted its focus toward global expansion. That is why the US-based exchange, including Brian Armstrong (Coinbase’s CEO), recently visited the UAE.
The United Arab Emirates holds potential to become a centre of web3 innovation. Thus, Coinbase as a legit platform, is capitalizing on the region’s growing crypto demand. The recent visit resulted in Armstrong interacting with policymakers while also speaking at the Dubai FinTech Summit.
As a speaker, the Coinbase CEO highlighted how the UAE could emerge as a hub for crypto projects. The nation boasts highly favorable regulatory policies and an abundance of energy resources. The conditions are ideal for establishing energy-intensive operations, like crypto mining.
The visit came at a great time seeing how Zero Two and Marathon Digital Holdings have recently entered a partnership to establish Bitcoin-mining facility operations in Abu Dhabi. The collaboration has been named the Abu Dhabi Global Markets JV Entity.
With movements all across the globe, Coinbase is maintaining its major presence despite the SEC’s lockdown on multiple crypto ventures. Its stocks are currently trading at +5.98% with a market value of 60.77 dollars. However, its market standing will be decided based on how the exchange addresses the situation with the SEC.