Coinbase asks for mandamus against SEC, continues to demand rulemaking News ▸ US ▸ Coinbase ▸ Regulation
Coinbase asks for mandamus against SEC, continues to demand rulemaking
Coinbase has once again demanded an SEC response, this time within seven days.
1 min read
Updated: May. 23, 2023 at 9:22 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Coinbase is still asking the U.S. Securities Exchange Commission to engage in rulemaking via the legal system, an executive said on May 23.
Coinbase continues to submit filings
Coinbase CLO Paul Grewal wrote on Twitter:
” … Coinbase replied in the Third Circuit to the SEC’s arguments against our petition for a writ of mandamus. Mandamus is the tailor-made remedy for the extraordinary facts presented here.”
Coinbase received a Wells notice from the SEC on March 22 indicating that the agency could soon take legal action against the company for supposed regulatory violations.
Starting on April 25, Coinbase began to submit legal filings in order to compel the SEC to answer an earlier petition and provide it with clear rules. On May 15, the SEC responded by stating that it has no obligation to create new regulations.
Coinbase challenges past results
Coinbase’s latest court filing, dated May 22, attempts to challenge the SEC’s refusal to engage in rulemaking. Coinbase claims that SEC members have publicly stated that they will not engage in rulemaking — while also making statements that suggest that they are “actively considering” Coinbase’s petition and other regulatory approaches.
Coinbase additionally argued that the SEC’s broad enforcement actions against the crypto industry also demonstrate that it is not considering the petition.
At the end of the latest filing, Coinbase asked the court to issue a writ of mandamus, thereby forcing the SEC to respond to its original petition in seven days.
Otherwise, the court should order the SEC to justify its delay, determine a timeline for its response, and provide updates, Coinbase said.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Paul Grewal is the Chief Legal Officer of Coinbase where he is responsible for Coinbase’s legal, compliance, global intelligence, risk management and government relations groups.