- One of the leading cryptocurrency exchanges, Coinbase is the one that has renewed its call for a court order to compel the entire US Securities and Exchange Commission (SEC).
- Later, in one of the latest pushes, Coinbase is seeking a mandamus that would always require the SEC to provide a definitive answer on the fate of its petition within 30 days.
Paul Grewal, Coinbase’s chief legal officer has continued to press for a swift response from the SEC regarding the organization’s crypto rulemaking petition. Coinbase is also the one that has filed a narrow action in the federal court to compel the SEC to do one simple thing. It has filed a narrow action in the federal court to compel the SEC to respond yes or no to July 2022.
The Coinbase Ongoing Efforts to Prompt SEC Crypto Rulemaking
Now, the ongoing battle between the cryptocurrency exchange and the SEC centers around the Coin base’s request for the entire regulatory body to establish comprehensive rules governing the cryptocurrency market. There are also different guidelines for identifying digital assets classified as securities. Later, it was also observed that in response to the SEC’s ambiguous statement, Paul Grewal was the one who expressed his frustration and also called for a mandamus to compel the SEC so that it could provide a clear and official response. Coinbase also seeks a definitive answer from the SEC, either accepting or denying its petition, within 30 days.
Moreover, he criticized the SEC for what he perceived as procrastination in addressing the matter properly. Also, in a statement shared on social media, Paul Grewal stated that the SEC’s unilluminating report is mere bureaucratic pantomime. It also confirms that nothing short of mandamus will prompt the entire agency to take its obligations seriously.
Additionally, it was also added that it took more than a year and an order from his particular court to elicit even a staff-level recommendation. It is important to notice that the commission has also resolved not to conduct the entire rulemaking Coinbase requested. It will also exploit every bureaucratic pantomime by confirming that nothing short of mandamus will prompt the agency to take its obligations seriously.
The exchange was also the one that initially filed its particular rulemaking petition by seeking the SEC’s assistance in establishing clear regulatory frameworks for the entire cryptocurrency market. It also included defining which digital assets should be considered securities and subject to SEC oversight.
Frustrated by the SEC’s lack of response, Coinbase filed a petition for mandamus nine months later to force the SEC into providing a clear yes or no answer regarding their request. Moreover, the SEC has repeatedly challenged Coinbase’s demands by asserting that there is no necessity to meet their requirements and requesting the court to reject the exchange’s petition for mandamus.
Conclusion
The SEC is the one that also requested an additional 120 days to respond to the exchange’s rulemaking petition. It is also the request that suggests that the regulatory body may have a formal response by the end of October or early November.
