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Coinbase has doubled down on its push for a court order compelling<\/a> the U.S. Securities and Exchange Commission to act on the firm\u2019s crypto rulemaking petition<\/a>. <\/p>\n Coinbase wants a mandamus issued within 30 days to compel the SEC to give an official answer on whether it will accept or deny the petition. <\/p>\n The SEC submitted a long-awaited<\/a> status update on Oct. 12, vaguely stating<\/a> that \u201ccommission staff provided a recommendation\u201d to the SEC over Coinbase\u2019s petition, but did not divulge any further details.<\/p>\n In an Oct. 13 X post, Coinbase\u2019s Chief Legal Officer Paul Grewal slammed the SEC for dragging its heels, as he called for a mandamus to force the SEC into adequately outlining its intentions.<\/p>\n We\u2019ve filed our response with the Third Circuit. Tl;dr: the SEC\u2019s unilluminating \u201cupdate\u201d 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<\/a><\/p>\n \u2014 paulgrewal.eth (@iampaulgrewal) October 14, 2023<\/a><\/p><\/blockquote>\n Grewal also shared Coinbase\u2019s response<\/a> to the SEC update that it filed with the Court of Appeals for the Third Circuit. <\/p>\n \u201cThe SEC\u2019s unilluminating report is mere bureaucratic pantomime and confirms that nothing short of mandamus will prompt the agency to take its obligations seriously. It took more than a year and an order from this Court to elicit even a staff-level recommendation,\u201d the response reads, adding that: <\/p>\n \u201cThe Commission has resolved not to conduct the rulemaking Coinbase requested, and it will exploit every bureaucratic artifice in its arsenal to forestall judicial review so long as the Court allows it.\u201d<\/p><\/blockquote>\n Coinbase initially filed the rulemaking petition in July 2022, requesting the SEC to \u201cpropose and adopt rules\u201d to govern the crypto market, including potential rules to clearly outline which digital assets fall under the definition of securities. <\/p>\n After the SEC failed to respond, Coinbase filed a petition for mandamus nine months later, seeking the court to compel the SEC to give a \u201cyes or no\u201d answer. <\/p>\n Related: <\/em><\/strong>Coinbase spot trading volume falls by 52% compared to 2022: Report<\/em><\/strong><\/a><\/p>\n However, the SEC has fired back on multiple occasions, refuting the need to meet Coinbase\u2019s requirements while also asking the court to deny<\/a> Coinbase\u2019s petition for mandamus. <\/p>\n In mid June, the SEC then asked the court for an additional 120 days to respond<\/a> to the rulemaking petition. Such a timeline suggests that the agency may have an answer by the end of October or early November. <\/p>\n\n