Coinbase, Inc., the largest cryptocurrency trading platform in the US, has filed a legal action against the US Securities and Exchange Commission (SEC) seeking regulatory clarity for the crypto sector.
On 24th April, Paul Grewal, Coinbase’s Chief Legal Officer, outlined in a blog post that Coinbase has filed a narrow action in federal court, urging the SEC to provide a clear response to their July 2022 petition for formal rulemaking guidance for the crypto industry.
Over 1,700 entities and individuals have commented in support of Coinbase’s petition, highlighting the demand for regulatory clarity. Grewal emphasised the importance of a timely response, particularly if negative, as this would enable Coinbase to challenge the decision in court and argue for the necessity of rulemaking in the crypto sector.
In the Petition for Writ of Mandamus Coinbase filed with the Clerk of the Court for the United States Court of Appeals for the Third Circuit on April 24th, Eugene Scalia, Counsel for Coinbase, wrote:
“Coinbase brings this mandamus action to seek modest, but meaningful and time-sensitive, relief: a writ requiring the Securities and Exchange Commission (SEC or Commission) to act on Coinbase’s pending rulemaking petition to provide clarity for the crypto industry. Coinbase does not ask the Court to instruct the agency how to respond. It simply requests that the Court order the SEC to respond at all. The Commission has repeatedly demonstrated that its mind is made up to deny the petition. But the Commission’s delay in formally announcing that decision has enabled it to improperly delay judicial review at a critical moment for the industry.“
On 22nd March, Coinbase announced receiving a Wells Notice from the SEC, indicating possible enforcement action against the company. Coinbase confirmed that its products and services would continue to operate without any changes, assuring its users that business will operate as usual.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/apr/25/
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