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

cointelegraph.com:

Coinbase has doubled down on its push for a court order compelling the United States Securities and Exchange Commission (SEC) to act on the firm’s crypto rulemaking petition.

Coinbase wants a mandamus issued within 30 days to compel the SEC to give an official answer on whether it will accept or deny the petition.

The SEC submitted a long-awaited status update on Oct. 12, vaguely stating that “commission staff provided a recommendation” to the SEC over Coinbase’s petition but did not divulge any further details.

In an Oct. 13 post on X (formerly Twitter), Coinbase chief legal officer Paul Grewal slammed the SEC for dragging its heels and called for a mandamus to force the SEC into adequately outlining its intentions.

We’ve filed our response with the Third Circuit. Tl;dr: 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. 1/3 https://t.co/DC1o8EflcH

Grewal also shared Coinbase’s response to the SEC update that it filed with the U.S. Court of Appeals for the Third Circuit.

“The SEC’s unilluminating report is mere bureaucratic pantomime and confirms that nothing short of mandamus will prompt the agency to take its obligations seriously. It took more than a year and an order from this Court to elicit even a staff-level recommendation,” the response reads, adding that:

Coinbase initially filed the rulemaking petition in July 2022, requesting the SEC to “propose and adopt rules” to govern the crypto market, including potential rules to clearly outline which digital assets fall under the definition of securities.

After the SEC failed to respond, Coinbase filed a petition for mandamus nine months later, seeking the