On January 14, Coinbase Chief Legal Officer paulgrewal.eth said that Coinbase won a writ of mandamus petition in the Third Circuit Court. The court dismissed the executive order of “SEC dismissing Coinbase’s petition for rulemaking”. The SEC will have to reconsider Coinbase’s petition for crypto rulemaking and provide more adequate reasons to explain why the SEC refused to make clear rules about cryptocurrencies.
The judge believes that “the SEC’s order is conclusive, insufficiently justified, and therefore arbitrary and capricious. We partially approve Coinbase’s petition and send it back to the SEC for a more comprehensive explanation.”
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