Coinbase blasts SEC for ‘no straight answers’ following court order

Coinbase has slammed the USA securities regulator for failing to reply questions requested within the U.S. Courtroom of Appeals as a part of its ongoing authorized battle with the regulator.

In a June 17 letter filed within the Courtroom, attorneys for the crypto change accosted the Securities Trade Fee (SEC) for persevering with to supply “no straight solutions” to the Courtroom in relation to Coinbase’s rulemaking petition, which calls on the SEC to determine a regulatory framework for digital property.

“When ordered by this Courtroom to handle the stark inconsistency between its litigating place and its actions and statements elsewhere, the SEC nonetheless presents no straight solutions and as an alternative repeats its speaking factors,” Coinbase’s letter mentioned.

The letter was in response to the SEC’s June 13 submission requesting a further 120 days to answer to Coinbase’s rulemaking petition.

Coinbase claimed the SEC is reluctant to tell the Courtroom of updates on its choice saying it “bristles even at being ordered to replace the Courtroom on its progress.”

The agency claimed the impression of the SEC’s silence, the prolonged delays and its enforcement actions proceed to weigh on the crypto trade and SEC chair Gary Gensler “continues to cost nicely down the trail to irreparably damaging a U.S. public firm and a complete trade.”

On June 17, Coinbase’s chief authorized officer Paul Grewal mentioned in a sequence of tweets that it’s “uncommon for the federal government to defy a direct query from a federal courtroom.”

We could not wait till our deadline subsequent week to handle the SEC’s response to the June 6 order from the Third Circuit. It’s uncommon for the federal government to defy a direct query from a federal courtroom. However the SEC’s evasive response goes additional, as we set out as we speak. 1/5 pic.twitter.com/ssULmUpzi2

— paulgrewal.eth (@iampaulgrewal) June 17, 2023

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Grewal mentioned he’s hoping for the Courtroom to grant a writ of Mandamus — a courtroom order to a authorities official ordering them to meet their official duties below the legislation — given the SEC knocked again Coinbase’s petition.

Coinbase can be submitting that the Courtroom as an alternative set a deadline of 60 days or much less ranging from June 13 — the date of the SEC’s request.

In a separate case, the SEC sued Coinbase on June 6, alleging the buying and selling platform broke varied securities guidelines, most notably for purportedly providing cryptocurrencies that the regulator considers to be unregistered securities.

Journal: Crypto regulation: Does SEC Chair Gary Gensler have the ultimate say?