Coinbase is intensifying its efforts to prompt the SEC to address its cryptocurrency rulemaking petition, with the company's Chief Legal Officer, Paul Grewal, once again advocating for a mandamus to compel the SEC to provide a response.
Coinbase is now placing increased emphasis on obtaining a court order that would require the United States Securities and Exchange Commission (SEC) to take action on the company's cryptocurrency rulemaking petition. Within this initiative, Coinbase is seeking a mandamus to be issued within 30 days, which would obligate the SEC to officially declare its acceptance or denial of the petition.
In an October 13th post on a platform similar to Twitter, Coinbase's Chief Legal Officer, Paul Grewal, criticized the SEC for delays and insisted on the mandamus to compel the SEC to provide clear intentions regarding the matter. Grewal also shared Coinbase's response to the SEC's update, which was submitted to the U.S. Court of Appeals for the Third Circuit.
Coinbase's response characterizes the SEC's update as bureaucratic formalities and underscores the necessity of the mandamus, as the agency's response was non-committal and unsatisfactory. The response highlights that it took over a year and a court order to extract even a staff-level recommendation from the SEC.
Coinbase originally submitted its rulemaking petition in July 2022, urging the SEC to establish regulations for the cryptocurrency market, including defining which digital assets should be classified as securities. After the SEC's lack of response, Coinbase filed a petition for mandamus nine months later, seeking a clear "yes or no" answer. The SEC has countered this by contesting the need to meet Coinbase's demands and requesting the court to reject the mandamus petition.
In mid-June, the SEC asked for a 120-day extension to respond to the rulemaking petition, which suggests that the agency may provide an answer by the end of October or early November.
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