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Coinbase, the popular cryptocurrency exchange, is intensifying its efforts to receive a definitive response from the United States Securities and Exchange Commission (SEC) regarding its petition for crypto rulemaking. Coinbase has been awaiting a clear stance from the SEC, and they are now pushing for a legal directive, known as a mandamus, to be issued within a month.
The SEC recently provided an update, stating that their commission staff had offered a recommendation concerning Coinbase's appeal. However, they did not disclose the details of this recommendation.
In response, Paul Grewal, Coinbase's Chief Legal Officer, expressed his dissatisfaction on social media, criticizing the SEC's delays and emphasizing the need for a mandamus to obtain a clear understanding of the SEC's plans.
Coinbase also officially responded to the SEC's recent update, submitted to the U.S. Court of Appeals for the Third Circuit. In the response, Coinbase expressed frustration, stating that the SEC's recent report lacked clarity and reiterated their bureaucratic approach. The exchange believes that without the mandamus, the SEC will continue to neglect its responsibilities.
Coinbase's quest for clarity began in July 2022 when they petitioned the SEC, urging the agency to establish clear guidelines for the cryptocurrency market, including defining which digital currencies are considered securities. After waiting for nine months without a response, Coinbase sought a mandamus to obtain a straightforward answer from the SEC.
The SEC has consistently defended its position, arguing that they are not obligated to fulfill Coinbase's demands. They have also asked the court to reject Coinbase's plea for a mandamus.
In June, the SEC requested an additional 120 days to provide a comprehensive response, potentially leading to a decision by late October or early November.
