Cryptocurrency exchange Coinbaseย Cryptoย exchange filed a writ of mandamus against the Unitedย States SEC shortly after the SEC stated it was in no hurry to respond to Coinbaseโs demands for regulatory clarity.
In the ongoing dispute betwixt digitalย currency exchange Coinbaseย Cryptoย exchange and theย Unitedย 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 Unitedย States Court of Appeals.
Coinbaseโs chief legal officer, Paul Grewal, announced theย latestย information on Twitter:
Late last night Coinbaseย Cryptoย exchange replied in the Third Circuit to the SECโs arguments against our petition for a writ of mandamus. Mandamus is the tailor-made remedy for the extraordinary facts presented here. We continue to appreciate the Courtโs consideration.
โ paulgrewal.eth (@iampaulgrewal) May 23, 2023
In the filing, Coinbaseย Cryptoย exchange accused the SEC of purposefully ignoring its petition for adopting clear regulations for the industry of digitalย currency regardlessย of the SECโs decision not being made public isย still. The exchange likewise referred to public comments by Gary Gensler, saying, โthe SECโs and its Chairโs words and actions leave no doubt of the agencyโs plans,โ reportsย by accordingย to Decrypt.
Coinbaseย Cryptoย exchange Files Writ Mandamus Petition
In its mandamus petition, Coinbaseโs main arguments state:
Mandamus Is Warranted Because The SEC Has Made Up Its Mind To Deny Coinbaseโs Petition.
The SEC does not deny that its delay in responding to Coinbaseโs rulemaking petition would be unreasonable, and that mandamus would be warranted, if the agency has determined not toย participate in the rulemaking process Coinbaseย Cryptoย exchange request.
A writ of mandamus refers to a legal petition that compels a Government agency to fulfil its statutory obligations.
Coinbaseโs latest petition comesย after the SEC refused to entertain the exchangeโs request for immediate clarity of digitalย currency regulations. In its May 15 brief, the SEC filed a response to Coinbaseโs 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 Coinbaseโs petition for mandamus, arguing it is an โextraordinary remedyโ that Coinbaseย Cryptoย 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 โyes or noโ answerโ to a petition filed in July 2022, which went unanswered for nine months.
