David “JoelKatz” Schwartz, the Chief Technology Officer at Ripple, has weighed in on a recent tweet by Paul Grewal, the Chief Legal Officer at Coinbase.
The tweet in question highlighted a ruling by the Third Circuit that the court will maintain jurisdiction over Coinbase’s challenge to the Securities and Exchange Commission’s (SEC) inaction on their petition for crypto regulations.
According to the court statement shared by Grewal, the United States Court of Appeals for the Third Circuit received several filings related to Coinbase’s request.
The court acknowledged the SEC’s submission on June 13, 2023, indicating that the staff expects to provide its final recommendation on the exchange’s petition within 120 days.
As a result, the court decided to retain jurisdiction but refrained from ruling on its Petition for Writ of Mandamus at this time. The SEC has been instructed to update the court on their progress by October 11, 2023.
Coinbase Gets Relief Amid Low Expectations
Amidst this legal development, Schwartz expressed his thoughts on the matter. In his comment, Schwartz described the situation as a rollercoaster ride.
While he commended the court for demanding the SEC to provide a timeline for ruling on Coinbase’s request, he also criticized the four-month delay in updating the court about the progress towards a staff recommendation.
Schwartz further revealed that initially, he, like many others, had minimal expectations for Coinbase’s case, considering it a mere publicity stunt. Therefore, the fact that Coinbase managed to secure any relief at all is being perceived as a victory.
In Schwartz’s opinion, this outcome suggests that at least one federal judge, and possibly more, share the frustrations of the crypto industry with the SEC.
However, Schwartz’s remarks indicate that the outcome of Coinbase’s case may have broader implications, potentially influencing the perspectives of other federal judges and serving as a catalyst for change in the regulatory landscape.
Nevertheless, the impact of this case on the future of crypto regulations in the United States remains to be seen, but for now, Coinbase’s persistence has garnered some attention and sparked hope among those seeking clarity and transparency in the industry.
Related Reading | Shiba Inu’s Stellar Rise Leaves Ethereum Behind, Catches Attention of US Politician