Coinbase Urges SEC to Respond to Rulemaking Petition
Coinbase is intensifying its efforts to get a response from the U.S. Securities and Exchange Commission (SEC) regarding its rulemaking petition. The exchange has formally requested a mandamus to direct the SEC to provide a clear approval or denial of its petition within 30 days.
Coinbase Pushes for 30-Day Deadline
In a court filing on October 13, Coinbase emphasized that the 30-day ultimatum aims to compel the SEC to provide an official response. The exchange believes that without a deadline, the commission may continue to avoid and delay taking action.
Coinbase stated that the SEC’s actions and statements outside of this proceeding have confirmed that it has effectively denied Coinbase’s petition.
Paul Grewal, Coinbase’s Chief Legal Officer, criticized the SEC’s response as lacking substance and accused it of engaging in bureaucratic procedures. Grewal expressed that only a mandamus would prompt the agency to take its obligations seriously.
The SEC’s Bland Response
On October 11, Grewal shared an update from the SEC on X (formerly Twitter), stating that the regulator claimed its staff had provided a recommendation regarding Coinbase’s petition. However, no further details were provided.
Grewal argued that considering the legal actions against crypto-related firms, the SEC should have responded by now and at least provided a timeline for a decision.
The ongoing legal confrontation between Coinbase and the SEC dates back to last year when both parties filed multiple legal actions against each other. Coinbase has sought dismissal of the case, citing the lack of regulatory clarity in the cryptocurrency industry.
Hot Take: Coinbase Pressures SEC for Timely Response
Coinbase’s renewed request for a mandamus to the SEC shows its determination to receive a clear approval or denial of its rulemaking petition. The exchange believes that without a deadline, the SEC may continue to evade providing an official response. Coinbase’s Chief Legal Officer criticized the SEC’s actions as bureaucratic and lacking substance, emphasizing the need for a mandamus to hold the agency accountable. As the legal battles between Coinbase and the SEC persist, the cryptocurrency industry eagerly awaits clarification on how securities laws apply to digital assets.
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