Coinbase continues push to compel SEC to act on crypto rulemaking petition

Coinbase has doubled down on its push for a courtroom order compelling the U.S. Securities and Change Fee to behave on the agency’s crypto rulemaking petition.

Coinbase desires a mandamus issued inside 30 days to compel the SEC to offer an official reply on whether or not it should settle for or deny the petition.

The SEC submitted a long-awaited standing replace on Oct. 12, vaguely stating that “fee employees supplied a advice” to the SEC over Coinbase’s petition, however didn’t expose any additional particulars.

In an Oct. 13 X put up, Coinbase’s Chief Authorized Officer Paul Grewal slammed the SEC for dragging its heels, as he referred to as for a mandamus to drive the SEC into adequately outlining its intentions.

We’ve filed our response with the Third Circuit. Tl;dr: the SEC’s unilluminating “replace” is mere bureaucratic pantomime and confirms that nothing in need of mandamus will immediate the company to take its obligations severely. 1/three https://t.co/DC1o8EflcH

— paulgrewal.eth (@iampaulgrewal) October 14, 2023

Grewal additionally shared Coinbase’s response to the SEC replace that it filed with the Court docket of Appeals for the Third Circuit.

“The SEC’s unilluminating report is mere bureaucratic pantomime and confirms that nothing in need of mandamus will immediate the company to take its obligations severely. It took greater than a yr and an order from this Court docket to elicit even a staff-level advice,” the response reads, including that:

“The Fee has resolved to not conduct the rulemaking Coinbase requested, and it’ll exploit each bureaucratic artifice in its arsenal to forestall judicial evaluation as long as the Court docket permits it.”

Coinbase initially filed the rulemaking petition in July 2022, requesting the SEC to “suggest and undertake guidelines” to manipulate the crypto market, together with potential guidelines to obviously define which digital property fall below the definition of securities.

After the SEC failed to reply, Coinbase filed a petition for mandamus 9 months later, in search of the courtroom to compel the SEC to offer a “sure or no” reply.

Associated: Coinbase spot buying and selling quantity falls by 52% in comparison with 2022: Report

Nevertheless, the SEC has fired again on a number of events, refuting the necessity to meet Coinbase’s necessities whereas additionally asking the courtroom to disclaim Coinbase’s petition for mandamus.

In mid June, the SEC then requested the courtroom for a further 120 days to answer the rulemaking petition. Such a timeline means that the company might have a solution by the tip of October or early November.

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