The court approves Coinbase's injunction, ordering the SEC to re-examine the petition for cryptocurrency rulemaking

ChainCatcher news, Coinbase's Chief Legal Officer paulgrewal.eth posted on the X platform that Coinbase has just won a writ of mandamus petition in the Third Circuit Court. The court rejected the U.S. Securities and Exchange Commission (SEC)'s order dismissing its rulemaking petition, which means the SEC must reconsider Coinbase's request and provide more substantial reasons for why they refuse to establish clear rules regarding cryptocurrencies.

The judge stated, "The SEC's order is conclusory, lacking in reasoning, and therefore arbitrary and capricious. We partially grant Coinbase's petition and remand it to the SEC for a more comprehensive explanation."