Coinbase is escalating its efforts to prompt a response from the U.S. Securities and Exchange Commission (SEC) regarding its rulemaking petition. This move comes amidst several legal battles between the two parties over the past year.
In a renewed endeavor, Coinbase has formally requested a mandamus directing the SEC to provide a response to its July 2022 rulemaking petition within a 30-day timeframe. The exchange seeks a clear approval or denial of its petition.
Coinbase Pushes for 30-Day Deadline
According to an October 13 court filing, Coinbase emphasized that the 30-day ultimatum aims to compel an official response from the SEC. The firm continued that the commission may persist in avoidance and delay tactics if it was not compelled to act.
“The SEC’s and its officials’ words and deeds outside this proceeding have only further confirmed that the agency has denied Coinbase’s petition in all but name,” Coinbase wrote.
Paul Grewal, Coinbase’s Chief Legal Officer, characterized the SEC’s response as lacking illumination, deeming it a mere bureaucratic procedure. Grewal said:
“The SEC’s unilluminating “update” is mere bureaucratic pantomime and confirms that nothing short of mandamus will prompt the agency to take its obligations seriously.”
Meanwhile, the recent court application continues an ongoing legal confrontation between Coinbase and the SEC. Since last year, the two entities have filed several legal actions against each other, including one where the regulator accused Coinbase of violating securities laws with its cryptocurrency offerings.
In response, Coinbase moved to dismiss the case, citing the emerging industry’s lack of regulatory clarity.
The SEC’s Bland Response
On October 11, Grewal shared an update from the SEC on X (formerly Twitter), showing that the regulator claimed that its staff had “provided a recommendation” to it over Coinbase’s petition. The regulator’s update did not include further details of these recommendations.
At the time, Grewal said the regulator should have provided a response considering the legal actions brought against crypto-related firms. He said:
“A formal, public answer to the petition is still long overdue. And given their ongoing enforcement campaign against crypto, the SEC should at least tell the Court its timeline for a decision.
The Coinbase’s petition asked the Commission to clarify how the securities laws apply to digital assets.
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