• Coinbase has filed a writ of mandamus against the US SEC after the SEC said it was not in a hurry to respond to Coinbase’s demands for regulatory clarity.
• The filing by Coinbase accuses the SEC of purposefully ignoring its petition for adopting clear rules for the cryptocurrency industry despite the SEC’s decision not being made public.
• Coinbase is requesting a writ of mandamus, which compels a government agency to fulfil its statutory obligations, as well as immediate clarity on current crypto regulations from the SEC.
Coinbase Files Writ Mandamus Petition Against US SEC
Crypto exchange Coinbase has filed a writ of mandamus against the United States Securities and Exchange Commission (SEC) shortly after the SEC stated it was in no hurry to respond to Coinbase’s demands for regulatory clarity.
Mandamus Petition Arguments
In its mandamus petition, Coinbase’s main arguments state that mandamus is warranted because the SEC has made up its mind to deny Coinbase’s petition and that its delay in responding would be unreasonable. A writ of mandamus refers to a legal petition that compels a government agency to fulfil its statutory obligations.
SEC Response To Earlier Filing
Coinbase’s latest petition comes after the SEC refused to entertain the exchange’s request for immediate clarity of cryptocurrency regulations. In its May 15 brief, the SEC filed a response to Coinbase’s earlier petition in April, and it was not prepared to provide clarity on current crypto regulations. The agency further stated it is not obligated to meet the requirements set out in Coinbase’s petition and asked the court to deny Coinbase’s petition for mandamus arguing it is an “extraordinary remedy” that cannot be demonstrated by relief rights.
Coinbase CEO’s Statement
Coinbase chief legal officer, Paul Grewal announced news on Twitter stating: “Late last night we replied in Third Circuit Court against our petition for a writ of mandamus – this tailor-made remedy fits extraordinary facts presented here.“
The ongoing dispute between cryptocurrency exchange Coinbase and US regulators continues as tensions rise with each filing submitted by both parties. Despite all efforts from both sides, there still remains uncertainty regarding how they will move forward with this issue