The SEC is yet to give a concrete answer to Coinbase's petition, despite it being filed over a year ago, but says SEC staff have provided a recommendation to the agency.
Coinbase’s Chief Legal Officer Paul Grewal has once again called for a mandamus to compel the SEC to respond to the firm’s crypto rulemaking petition.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.that “commission staff provided a recommendation” to the SEC over Coinbase’s petition, but did not divulge any further details.
In an Oct. 13 X post, Coinbase’s 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. We’ve filed our response with the Third Circuit. Tl;dr: the SEC’s unilluminating “update” is mere bureaucratic pantomime and confirms that nothing short of mandamus will prompt the agency to take its obligations seriously. 1/3“The SEC’s unilluminating report is mere bureaucratic pantomime and confirms that nothing short of mandamus will prompt the agency to take its obligations seriously.
“The 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.”Coinbase initially filed the rulemaking petition in July 2022, requesting the SEC to “propose and adopt rules” to govern the crypto market, including potential rules to clearly outline which digital assets fall under the definition of securities.
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 “yes or no” answer.However, the SEC has fired back on multiple occasions, refuting the need to meet Coinbase’s requirements while also asking theto the rulemaking petition. Such a timeline suggests that the agency may have an answer by the end of October or early November.
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