Coinbase criticizes SEC for lack of clarity after court order.
The cryptocurrency exchange Coinbase has criticized the United States Securities and Exchange Commission (SEC) for not responding to questions asked in the U.S. Court of Appeals as part of an ongoing legal dispute between the two parties.
In a letter submitted to the Court on June 17, the lawyers for Coinbase accused the SEC of avoiding Coinbase’s rulemaking petition, which calls on the SEC to establish a regulatory framework for digital assets.
“The SEC still offers no straight answers and instead repeats its talking points,” the letter said.
The letter was in response to the SEC’s request on June 13 for an additional 120 days to reply to Coinbase’s rulemaking petition.
Coinbase claimed that the SEC is reluctant to inform the Court of updates on its decision and that its silence, lengthy delays, and enforcement actions continue to affect the cryptocurrency industry. Coinbase’s Chief Legal Officer, Paul Grewal, said in a tweet that it’s unusual for the government to defy a direct question from a federal court.
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Coinbase is seeking a writ of mandamus, a court order to a government official, ordering them to fulfill their official duties under the law, given that the SEC rejected Coinbase’s petition. Coinbase is also requesting the court to set a deadline of 60 days or less starting from June 13 instead of the 120-day extension requested by the SEC.
In a separate case, the SEC sued Coinbase on June 6 for allegedly violating various securities rules, including offering cryptocurrencies that the regulator considers to be unregistered securities.