Cryptocurrency exchange Coinbase called on a court to issue a “writ of mandamus” requiring the US Securities and Exchange Commission to respond to its rulemaking petition within seven days.
“An injunction” is warranted as the SEC has made up its mind to dismiss Coinbase’s petition, the exchange said in a court filing on Monday.
A mandamus is an order from a court to a public official, ordering him to perform certain duties. Cornell University,
Coinbase’s request comes after it filed a petition with the SEC in July of last year, asking the agency to write rules on how securities laws apply to cryptocurrencies.
SEC asks judge to dismiss Coinbase’s rulemaking petition Last weekHaving said that it is not mandatory to meet the requirements mentioned by Coinbase.
Coinbase has since pushed back.
“This court should issue an injunction directing the SEC to respond to Coinbase’s rulemaking petition within 7 days,” Coinbase said on Monday. “Alternatively, the Court should retain its jurisdiction and order the SEC to explain the date of its delay, state when it will respond and provide progress reports to the Court.”
The relationship between the SEC and Coinbase has become rocky,
Back in March, the commission sent a “Wells notice” to Coinbase, threatening the crypto exchange with legal action regarding some of its listed digital assets, its staking services Coinbase Earn, Coinbase Prime, and Coinbase Wallet.
a catch-22
SEC Chairman Gary Gensler has repeatedly called for crypto exchanges to register with the agency.
Coinbase said, “But the SEC refuses to implement rules that would enable the industry to know the SEC’s standards for determining whether a digital asset can be a security or provide a practical path to registration.” Is.”
The exchange makes for said Catch-22.
Coinbase also said it has no intention of engaging in rulemaking, citing the SEC’s enforcement actions over the past year and its own Wells notice.
“These actions demonstrate that the agency believes that the securities laws are clear and practical in their application to digital assets and that additional regulations are unnecessary,” Coinbase said.