Coinbase Fights SEC For Regulatory Clarity: Filed Writ of Mandamus

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Summary

  • Cryptocurrency exchange Coinbase filed a writ of mandamus against the US SEC.
  • The exchange is demanding clarity on cryptocurrency regulation from the SEC.
  • Coinbase’s latest petition comes after the SEC refused to provide immediate clarity on current crypto regulations.

Coinbase Files Writ Mandamus Petition Against US SEC

Crypto exchange Coinbase recently filed a writ of mandamus against the US Securities and Exchange Commission (SEC) in response to the SEC’s refusal to provide regulatory clarity on cryptocurrencies. The exchange is requesting that the court compel the agency to respond to its demands for clarity.

SEC Refuses To Provide Regulatory Clarity On Cryptocurrencies

In its May 15 brief, the SEC rejected Coinbase’s request for immediate clarification on cryptocurrency regulations. The agency argued that it does not have an obligation to meet the requirements set out in Coinbase’s petition and stated that complex rulemaking cannot be completed in an unreasonably short amount of time.

In response, Coinbase submitted its third filing to the Third Circuit of the US Court of Appeals. In its mandamus petition, Coinbase argues that a writ of mandamus is warranted because it believes that the SEC has already made up its mind to deny its petition.

Coinbase Accuses The SEC Of Intentionally Ignoring Its Petition
Additionally, Coinbase accused the SEC of purposefully ignoring its petition despite public comments by Gary Gensler indicating otherwise. The exchange referred to these comments as evidence that “the SEC’s and its Chair’s words and actions leave no doubt of the agency’s plans.“

Conclusion
Coinbase’s ongoing dispute with the US Securities and Exchange Commission continues as tensions reach a new high with this most recent filing. Although no decision has been made public yet, Coinbase remains hopeful that their petition will be granted so they can receive regulatory clarity on cryptocurrencies from government agencies like the SEC.