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Cryptocurrency exchange Coinbase is taking a firm stand against the U.S. Securities and Exchange Commission (SEC), accusing the regulatory body of a lackadaisical response to its rulemaking petition. The ongoing legal battle between Coinbase and the SEC continues to unfold in the U.S. Court of Appeals.
Coinbase strongly criticizes the SEC's perceived lack of responsiveness. The SEC requested an additional 120 days to address Coinbase's rulemaking petition, which was filed on June 13. The petition is a crucial element of Coinbase's strategy to convince the SEC to establish specific regulations for the ever-evolving digital asset landscape.
Expressing their discontent, Coinbase submitted a letter dated June 17 to the Court. The letter serves as a response to the SEC's perceived delaying tactics and lack of transparency. Paul Grewal, Coinbase's Chief Legal Officer, expressed disappointment on Twitter, finding it peculiar that the government would avoid a direct question from a federal court.
Coinbase alleges that the SEC is intentionally withholding updates about its decision-making process from the Court. Furthermore, the company asserts that the SEC's inaction, prolonged delays, and enforcement activities are placing undue strain on the cryptocurrency industry. They fear that these actions may cause irreversible harm to Coinbase, a U.S. public company, and the industry as a whole.
Grewal hopes that the court will issue a writ of mandamus, a legal command compelling the SEC to fulfill its responsibilities under the law. This request is in response to the SEC's rejection of Coinbase's petition. Additionally, Coinbase suggests that the court impose a more reasonable deadline of 60 days or less, starting from the date of the SEC's request.
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