Coinbase Takes Further Action to Push SEC on Crypto Rulemaking
Coinbase has submitted a formal response to the Third Circuit in an effort to urge the United States Securities and Exchange Commission (SEC) to act on its crypto rulemaking petition. The SEC staff had previously made a recommendation to the Commission on October 10, 2023, following Coinbase’s mandamus request in April. However, Coinbase expressed dissatisfaction with the SEC’s latest update, stating that it raises more questions than answers. The firm believes that a formal response to their petition is long overdue and is calling for the SEC to communicate the timeline for its decision.
Coinbase Files For Mandamus Again In Latest Response
In response to the SEC’s delay, Coinbase Chief Legal Officer Paul Grewal criticized the agency via a post on X (formerly Twitter). He stated that Coinbase has filed a response with the Third Circuit, urging the court to grant a mandamus that would compel the SEC to act on the rulemaking petition. Coinbase argues that the SEC’s recent update is bureaucratic pantomime and confirms that only a mandamus will prompt the agency to take its obligations seriously. The firm emphasizes that it took more than a year and an order from the court to receive a staff-level recommendation from the SEC.
Is The SEC Fearful Of Judicial Review?
Coinbase argues in its court filing that the SEC’s October 11 response is another attempt at delaying a judicial review of its decision to deny the rulemaking petition. The crypto firm believes that the Commission is ready to rule officially on Coinbase’s petition but is unwilling to do so without a court order. Coinbase alleges that the SEC has resolved not to honor their request and will use every bureaucratic artifice available to block judicial review. For this reason, Coinbase is seeking a writ of mandamus to hold the SEC accountable and has asked the Third Circuit to direct the Commission to act on the petition within 30 days.
Hot Take: Coinbase Fights for Timely Response from SEC
Coinbase is intensifying its efforts to push the SEC into taking action on its crypto rulemaking petition. The firm has expressed frustration with the SEC’s delay and believes that a formal response is long overdue. Coinbase argues that only a mandamus will prompt the agency to fulfill its obligations. The company has filed a response with the Third Circuit, urging the court to grant a mandamus compelling the SEC to act. Coinbase alleges that the SEC is attempting to delay a judicial review of its decision to deny the rulemaking petition. It is seeking a writ of mandamus to hold the SEC accountable and is calling for action within 30 days.
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