Coinbase Blasts SEC for Neglecting Crypto Regulations Petition

Coinbase Blasts SEC for Neglecting Crypto Regulations Petition

Crypto exchange Coinbase files third writ of mandamus against US SEC for ignoring its petition for adopting clear rules for the cryptocurrency industry.

Cryptocurrency exchange Coinbase Crypto exchange filed a writ of mandamus against the United States SEC shortly after the SEC stated it was in no hurry to respond to Coinbase’s demands for regulatory clarity.

In the ongoing dispute betwixt digital currency exchange Coinbase Crypto exchange and the  United States Securities and Exchange Commission (SEC), tensions have reached a new high as the exchange submits its third filing to the Third Circuit of the United States Court of Appeals.

Coinbase’s chief legal officer, Paul Grewal, announced the latest information on Twitter:

In the filing, Coinbase Crypto exchange accused the SEC of purposefully ignoring its petition for adopting clear regulations for the industry of digital currency regardless of the SEC’s decision not being made public is still. The exchange likewise referred to public comments by Gary Gensler, saying, “the SEC’s and its Chair’s words and actions leave no doubt of the agency’s plans,” reports by according to Decrypt.

Coinbase Crypto exchange Files Writ Mandamus Petition

In its mandamus petition, Coinbase’s main arguments state:

Mandamus Is Warranted Because The SEC Has Made Up Its Mind To Deny Coinbase’s Petition.

The SEC does not deny that its delay in responding to Coinbase’s rulemaking petition would be unreasonable, and that mandamus would be warranted, if the agency has determined not to participate in the rulemaking process Coinbase Crypto exchange request.

A writ of mandamus refers to a legal petition that compels a Government agency to fulfil its statutory obligations.

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Coinbase’s latest petition comes after the SEC refused to entertain the exchange’s request for immediate clarity of digital currency regulations. In its May 15 brief, the SEC filed a response to Coinbase’s petition in April, and it was not prepared to provide clarity on current cryptocurrency regulations.

In that filing, the SEC requested the court to deny Coinbase’s petition for mandamus, arguing it is an “extraordinary remedy” that Coinbase Crypto exchange does not, and cannot, demonstrate a right to relief. The exchange filed a narrow action lawsuit at the end of April, compelling the SEC to give a ‘yes or no’ answer’ to a petition filed in July 2022, which went unanswered for nine months.

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