Coinbase continues push to compel SEC to act on crypto rulemaking petition

Coinbase has doubled down on its push for a court order compelling the U.S. Securities and Alternate Fee to behave on the agency’s crypto rulemaking petition.

Coinbase needs a mandamus issued inside 30 days to compel the SEC to offer an official reply on whether or not it’s going to settle for or deny the petition.

The SEC submitted a long-awaited standing replace on Oct. 12, vaguely stating that “fee workers supplied a advice” to the SEC over Coinbase’s petition, however didn’t reveal any additional particulars.

In an Oct. 13 X publish, Coinbase’s Chief Authorized Officer Paul Grewal slammed the SEC for dragging its heels, as he referred to as for a mandamus to pressure the SEC into adequately outlining its intentions.

We’ve filed our response with the Third Circuit. Tl;dr: the SEC’s unilluminating “replace” is mere bureaucratic pantomime and confirms that nothing in need of mandamus will immediate the company to take its obligations significantly. 1/3 https://t.co/DC1o8EflcH

— paulgrewal.eth (@iampaulgrewal) October 14, 2023

Grewal additionally shared Coinbase’s response to the SEC replace that it filed with the Courtroom of Appeals for the Third Circuit.

“The SEC’s unilluminating report is mere bureaucratic pantomime and confirms that nothing in need of mandamus will immediate the company to take its obligations significantly. It took greater than a yr and an order from this Courtroom to elicit even a staff-level advice,” the response reads, including that:

“The Fee has resolved to not conduct the rulemaking Coinbase requested, and it’ll exploit each bureaucratic artifice in its arsenal to forestall judicial assessment as long as the Courtroom permits it.”

Coinbase initially filed the rulemaking petition in July 2022, requesting the SEC to “suggest and undertake guidelines” to manipulate the crypto market, together with potential guidelines to obviously define which digital belongings fall beneath the definition of securities.

After the SEC failed to reply, Coinbase filed a petition for mandamus 9 months later, searching for the court docket to compel the SEC to offer a “sure or no” reply.

Associated: Coinbase spot trading volume falls by 52% compared to 2022: Report

Nonetheless, the SEC has fired again on a number of events, refuting the necessity to meet Coinbase’s necessities whereas additionally asking the court to deny Coinbase’s petition for mandamus.

In mid June, the SEC then requested the court docket for a further 120 days to respond to the rulemaking petition. Such a timeline means that the company could have a solution by the tip of October or early November.

Journal: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in