{"id":174769,"date":"2023-10-16T06:33:43","date_gmt":"2023-10-16T01:03:43","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=174769"},"modified":"2023-10-16T06:33:43","modified_gmt":"2023-10-16T01:03:43","slug":"coinbase-decries-sec-bureaucratic-pantomime-again-demands-a-decision-on-crypto-rules-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/coinbase-decries-sec-bureaucratic-pantomime-again-demands-a-decision-on-crypto-rules-crypto-news\/","title":{"rendered":"Coinbase Decries SEC \u2018Bureaucratic Pantomime’, Again Demands a Decision on Crypto Rules – Crypto News"},"content":{"rendered":"
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Dismissing the most recent response from the Securities and Exchange Commission to its long-delayed petition on rulemaking, Coinbase is demanding once again that the agency take prompt action on a request it made last year for formal rules on which digital assets count as securities.<\/span><\/p>\n

If the SEC won\u2019t do that, the exchange wants the courts to force the SEC to take action.\u00a0<\/span><\/p>\n

In a <\/span>filing submitted<\/span><\/a> to a Manhattan federal court on Friday, Coinbase accused the SEC of a pattern of “troubling intransigence” for refusing to act on its rulemaking petition that was filed last July. The agency previously called for a delay from the court that was granted in June, but a recent filing by its lawyers said that a recommendation was made in this direction with no guidance yet issued.<\/span><\/p>\n

This pattern, Coinbase’s outside counsel Eugene Scalia wrote, amounts to a tacit admission that the SEC “has no intention” of taking action on the request. By not acting, Scalia said the SEC has left digital asset \u201cstuck in an unprecedented Catch-22.\u201d<\/span><\/p>\n

\u00a0<\/span><\/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,” wrote Scalia, a partner at Gibson Dunn and the son of late Supreme Court Justice Antonin Scalia.<\/span><\/p>\n

A mandamus is a judicial writ from a higher court to a lower court ordering the latter to perform its statutory duty.<\/p>\n

The original Coinbase request was <\/span>a petition for rulemaking<\/span><\/a>, asking the SEC to lay out how companies can stay within the bounds of federal securities laws. Almost a year later, on June 6, the <\/span>SEC sued Coinbase<\/span><\/a> on allegations that it was an unregistered securities exchange. Following this lawsuit, the Third Circuit of the U.S. Court of Appeals <\/span>ordered the agency<\/span><\/a> to reveal whether it has decided to deny Coinbase\u2019s petition.<\/span><\/p>\n

Gary Gensler, the SEC\u2019s chairman, has stated repeatedly that existing laws already make clear how digital asset companies must comply with the law, and <\/span>accused them<\/span><\/a> of refusing to abide by the rules.\u00a0<\/span><\/p>\n

In its <\/span>own filing <\/span><\/a>on October 11, the SEC said that its staff issued a recommendation for action on the request, but Scalia said that this response was inadequate and deliberate.<\/span><\/p>\n

“The agency cannot hide behind opaque allusions to unspecified internal advice offered by its staff,” said Scalia, adding that this response was the “latest gambit to stave off judicial review of its de facto denial.”<\/span><\/p>\n

As proof that the SEC denied the petition, Scalia said the SEC’s Division of Corporate Finance called on Coinbase CEO Brian Armstrong to delete a disclosure that there is \u201cno certainty\u201d regarding regulations of digital assets, and that the law is \u201cwell-established.\u201d This, Scalia continued, contradicted a <\/span>December 2020 letter<\/span><\/a> to Armstrong that requested the provision be added.<\/span><\/p>\n

If the SEC now has a recommendation related to the rulemaking petition, Scalia said that the court should force the SEC to make its recommendation public within 30 days.<\/span><\/p>\n

\u201cThe Commission has resolved not to conduct the rulemaking Coinbase requested,” said Scalia. “The Commission\u2019s staff have now acted; the Commission is readier than ever to do so.”<\/span><\/p>\n

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Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Dismissing the most recent response from the Securities and Exchange Commission to its long-delayed petition on rulemaking, Coinbase is demanding once again that the agency take prompt action on a request it made last year for formal rules on which digital assets count as securities. If the SEC won\u2019t do that, the exchange wants the […]<\/p>\n","protected":false},"author":2,"featured_media":105008,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-174769","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/174769","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=174769"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/174769\/revisions"}],"predecessor-version":[{"id":174771,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/174769\/revisions\/174771"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/105008"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=174769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=174769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=174769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}