Coinbase's chief legal officer, Paulgrewal.eth, said in a post on the X platform that Coinbase has just won a petition for a writ of mandamus in the Third Circuit. The court rejected the Securities Exchange Commission's (SEC) order to dismiss its rulemaking petition, which means the SEC must reconsider Coinbase's request and provide a stronger reason why they refused to develop clear rules regarding cryptocurrencies. The judge found that "the SEC's order is conclusive, ill-founded, and therefore arbitrary and capricious, and we partially grant Coinbase's petition and send it back to the SEC for a fuller explanation."