Coinbase needs a mandamus issued inside 30 days to compel the SEC to give an official reply on whether or not it’s going to settle for or deny the petition.
The SEC submitted a long-awaited status update on Oct. 12, vaguely stating that “commission staff provided a recommendation” to the SEC over Coinbase’s petition however didn’t expose any additional particulars.
In an Oct. 13 put up on X (previously Twitter), Coinbase chief authorized officer Paul Grewal slammed the SEC for dragging its heels and known as for a mandamus to pressure 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 in need of mandamus will immediate the company to take its obligations critically. 1/3 https://t.co/DC1o8EflcH
— paulgrewal.eth (@iampaulgrewal) October 14, 2023
Grewal additionally shared Coinbase’s response to the SEC replace that it filed with the U.S. Court of Appeals for the Third Circuit.
“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. It took more than a year and an order from this Court to elicit even a staff-level recommendation,” the response reads, including that:
“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, together with potential guidelines to clearly define which digital property fall beneath the definition of securities.
After the SEC failed to reply, Coinbase filed a petition for mandamus 9 months later, in search of the court docket to compel the SEC to give a “yes or no” reply.
However, the SEC has fired again a number of instances, refuting the necessity to meet Coinbase’s necessities and asking the court to deny Coinbase’s petition for mandamus.