Coinbase Advocates for Regulatory Clarity with SEC Mandamus Request
Coinbase’s Chief Legal Officer, Paul Grewal, has once again emphasized the request for a mandamus to compel the United States Securities and Exchange Commission (SEC) to address the company’s petition regarding cryptocurrency rulemaking.
Coinbase has escalated its efforts to secure a court order that would mandate the SEC to act on the company’s request for cryptocurrency rulemaking.
In its pursuit of a mandamus, Coinbase seeks a clear and official response from the SEC, either accepting or denying the petition, within a 30-day timeframe.
“The SEC’s and its officials’ words and deeds outside this proceeding have only further confirmed that the agency has denied Coinbase’s petition in all but name,” stated Coinbase.
Paul Grewal, Coinbase’s Chief Legal Officer, characterized the SEC’s reply as lacking clarity and dismissed it as a mere bureaucratic process, stating:
“The SEC’s unilluminating “update” is mere bureaucratic pantomime and confirms that nothing short of mandamus will prompt the agency to take its obligations seriously.”
We’ve filed our response with the Third Circuit. Tl;dr: the SEC’s unilluminating “update” is mere bureaucratic pantomime and confirms that nothing short of mandamus will prompt the agency to take its obligations seriously. 1/3 https://t.co/DC1o8EflcH
— paulgrewal.eth (@iampaulgrewal) October 14, 2023
In July 2022, Coinbase originally submitted a petition for rulemaking, urging the SEC to “propose and adopt rules” for the cryptocurrency market, which may include rules to clearly define which digital assets should be considered securities.
When the SEC failed to respond nine months later, Coinbase filed a mandamus petition, requesting the court to compel the SEC to issue a definitive “yes or no” response.
Despite Coinbase’s efforts, the SEC has consistently rejected the claims, arguing against the necessity to comply with Coinbase’s demands and urging the court to dismiss Coinbase’s mandamus petition.
In mid-June, the SEC sought a 120-day extension to respond to the rulemaking petition, indicating a potential response by late October or early November.
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