Coinbase Seeks US Court’s Assistance to Compel SEC on Crypto Rule-Making
Brian Armstrong-led cryptocurrency exchange Coinbase has again called on the US justice system to persuade the Securities and Exchange Commission (SEC) to provide clear regulatory guidelines on crypto assets.
According to the centralized digital asset trading firm, the SEC’s latest enforcement action against fellow US-based crypto exchange Kraken shows its continued hesitance is a calculated gesture.
We just filed a short response to yesterday’s SEC’s “update” on our petition for rulemaking. We are grateful for the Third Circuit’s attention to this matter. pic.twitter.com/TOFfn0wWYu
— paulgrewal.eth (@iampaulgrewal) November 22, 2023
The Coinbase legal team made its position known in a direct response to the Commission’s surreply filed on November 21.
The exchange stated that the US agency’s refusal to provide information on its progress regarding possible crypto asset guidelines for the emerging industry is telling.
Additionally, the defendant argued that the agency’s commitment to submitting further status reports on December 15, 2023, clearly indicates its lack of readiness to offer the needed clarity for crypto-facing firms to operate seamlessly.
The Coinbase legal team led by Paul Grewal said that only a direct order from the Courts of Appeals could compel the SEC to take action. According to them, the agency’s fear that the Court could rule in favor of it spurred it to submit this recent surreply.
However, they asserted that it is merely a hedge and a delay tactic, emphasizing that only a mandamus would force the SEC to fully acknowledge that the exchange’s earlier requests for crypto rule-making were disregarded.
To further strengthen its objection to the dodgy performance of the regulatory body, the Coinbase legal team
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