SEC Rejects Coinbase's Petition for Regs Clarity
WASHINGTON D.C. – In a new court filing, the U.S. Securities and Exchange Commission (SEC) is urging a federal appeals court to dismiss Coinbase’s request for the Commission to clarify its rulemaking. Coinbase initially submitted a petition for a writ of mandamus obligating the regulatory body to guide digital assets law.
The agency emphasized that considering new rules or amendments does not exempt it from enforcement of existing regulations. Coinbase Chief Legal Officer Paul Grewal tweeted that the response from the SEC was a “resounding maybe.”
The SEC argues that a writ of mandamus is an “extraordinary remedy [requiring] indisputable right to relief [and] Coinbase does not and cannot demonstrate such a right.” Moreover, the SEC stated that Coinbase’s expectation of a swift response within a year was unreasonable, given the complexity of the crypto exchange’s petition it submitted last year.
