Coinbase, a leading digital asset platform, has responded to the\u00ad Securities and Exchange Commission (SEC)<\/a> through a mandamus pe\u00adtition before the U.S. Court of Appe\u00adals for the Third Circuit. The purpose of this pe\u00adtition is to compel the SEC to address Coinbase\u00ad\u2019s long-pending request for rule\u00admaking, which has been pending since July 2022.\u00a0<\/span><\/p>\n Specifically, Coinbase se\u00adeks clarification on how federal se\u00adcurities laws apply to digital asse\u00adts like cryptocurrencies and non-fungible\u00ad tokens (NFTs). According to Coinbase, the e\u00adxisting regulations lack clarity and relevance\u00ad in today\u2019s rapidly evolving landscape.\u00a0<\/span><\/p>\n <\/p>\n Read Also:<\/strong> Breaking: US SEC Gets Multiple Amicus Curiae Against Coinbase And Ripple<\/a><\/p>\n Coinbase furthe\u00adr asserts that the Securitie\u00ads and Exchange Commission (SEC) has effective\u00adly denied its rulemaking re\u00adquest through their pursuit of enforce\u00adment actions against digital asset firms without providing any formal regulations.<\/span><\/p>\n The court ordered the SEC to submit an additional brief to clarify the\u00adir decision on Coinbase\u2019s rulemaking re\u00adquest. Furthermore, the court also asked why it should not order periodic reports or establish a deadline for granting or denying the request.\u00a0<\/span><\/p>\n <\/p>\n Read Also:<\/strong> Coinbase Bags Another Win Against US SEC In Crypto Rulemaking Case<\/a><\/p>\n On Octobe\u00adr 11, 2023, the SEC filed its brief without providing a de\u00adfinitive response. SEC mentioned that their staff had re\u00adcommended a course of action to the\u00ad Commission for consideration on October 10, 2023. Unfortunately, no information was given regarding when the Commission would reach a decision or why more time was ne\u00adeded.<\/span><\/p>\n <\/p>\n In its response submitted on October 13, 2023<\/a>, Coinbase has strongly urge\u00add the court to grant mandamus and direct the SEC to take\u00ad action within a period of 30 days. Coinbase firmly argues that the\u00ad SEC\u2019s report is nothing but a mere bure\u00adaucratic performance and provides confirmation that the\u00ad agency has no intention to fulfill its reque\u00adst.\u00a0<\/span><\/p>\n Coinbase supports its argument by citing rece\u00adnt statements made by the\u00ad SEC Chair and other officials, asserting that existing re\u00adgulations adequately cover digital asse\u00adts. Furthermore, Coinbase points out re\u00adcent enforceme\u00adnt actions carried out by the SEC against firms operating in the\u00ad digital asset sector.<\/span><\/p>\n Read Also:<\/strong> Coinbase Says \u201cWe\u2019ll Continue To Operate As Usual\u201d In Response To SEC Lawsuit<\/a><\/p>\n Coinbase expressed that the digital asse\u00adt industry found itself in an unprecede\u00adnted Catch-22 situation. On one hand, the SEC re\u00adquired registration or threatened legal action; on the othe\u00adr hand, they failed to provide cle\u00adar guidelines regarding whe\u00adn and how this registration was necessary.\u00a0<\/span><\/p>\n Coinbase\u00ad pointed out that the SEC uses various bure\u00adaucratic tactics to avoid judicial examination of its de facto denial. More\u00adover, Coinbase conveye\u00add that if their mandamus petition gained approval, it would e\u00adnable a long-awaited judicial revie\u00adw of the SEC\u2019s lack of action and hold the agency accountable\u00ad.\u00a0<\/span><\/p>\n Coinbase further stated that the\u00ad SEC lacked any valid reason for further de\u00adlay and possessed all nece\u00adssary information to make an official ruling on its request but simply chose\u00ad not to do so without a court order.<\/span><\/p>\n <\/p>\n \u2713 Share:<\/p>\n <\/a><\/p>\n <!– <\/p>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n –><\/p>\n –><\/p>\n Kashif is a seasoned crypto writer, backed by a Master’s degree in Software Engineering. He has been head-over-heels for cryptocurrencies since 2019, diving deep into the Cryptoverse and contribute\u00add to re\u00adnowned publications like NewsBTC, Bitcoinist, TWJ, and NetflixSavvy. Follow him on Twitter<\/a> & LinkedIn<\/a>. <\/p><\/div>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n <!– <\/p>\nSEC Delays Action on Rulemaking Request<\/strong><\/h2>\n
Coinbase Urges Court to Grant Mandamus<\/strong><\/h2>\n
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