SEC rebukes need for imminent crypto rulemaking, seeks denial of Coinbase petition
The U.S. The Securities Exchange Commission (SEC) has finally given a formal response in court in relation to Coinbase’s petition for clear crypto regulation, stating that any rulemaking may take years and that enforcement actions will suffice in the meantime.
According to court documents filed on May 15, the SEC argued that it is under no obligation to meet the requirements of Coinbase outlined in its petition, while also arguing that the firm has called for a complex set of reforms and rule-making in such a short amount of time.
The securities regulator has asked the court to deny Coinbase's petition for mandamus, arguing that mandamus is an "extraordinary remedy" and that Coinbase "does not and cannot demonstrate a right" to relief.
Coinbase’s chief legal officer Paul Grewal in a Twitter thread said the filing may be the first time the securities regulator has explained its views on whether the SEC should create rules for the crypto industry. He also said there was still a lot left on the table needing further clarification.
Today the SEC responded to Coinbase’s petition for a writ of mandamus — asking the court to require the SEC to respond just yes or no to whether it will undertake rulemaking for our industry. The SEC’s answer? A resounding maybe. 1/7
“The SEC told the court that rulemaking may take years and they're in no rush,” he said, adding:
Grewal also claimed that the SEC distanced itself from the comments and views of its chair Gary Gensler, who has been adamant that there are already sufficient rules in place, and that most of crypto is classified as a security.
“The SEC also said that the public statements by Chair Gensler are not formal guidance or policy statements from the SEC and the public cannot rely on
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