United States-based cryptocurrency change Coinbase has renewed its name to compel the Securities and Exchange Commission to answer the corporate’s petition to create guidelines on crypto, utilizing the regulator’s latest enforcement action against Kraken to again up its claims.
In a Nov. 22 submitting in the U.S. Court of Appeals for the Third Circuit, attorneys representing Coinbase filed a response to a Nov. 21 letter from the SEC saying it deliberate to offer a standing report on the crypto rulemaking petition by Dec. 15. Coinbase filed its petition in July 2022, requesting the SEC “propose and adopt rules to govern the regulation of securities that are offered and traded via digitally native methods,” with subsequent responses suggesting delays.
“Only an order by this Court will make the Commission act,” stated the letter. “Although the agency’s fear of a court ruling spurred it to do something, its proffer of another ‘report’ — as it continues to hedge and delay — confirms that only mandamus will impel the Commission to fully, finally acknowledge that Coinbase’s petition for rulemaking was pocket-vetoed long ago.”
We simply filed a brief response to yesterday’s SEC’s “update” on our petition for rulemaking. We are grateful for the Third Circuit’s consideration to this matter. pic.twitter.com/TOFfn0wWYu
— paulgrewal.eth (@iampaulgrewal) November 22, 2023
Related: Binance charges prove ‘following the rules’ was the right decision — Coinbase CEO
Coinbase cited the SEC’s enforcement action against Kraken filed on Nov. 20, in which the fee alleged the crypto change commingled buyer funds and didn’t register as a securities change, dealer, supplier and clearing company. The letter didn’t reference the Nov. 21 settlement of civil and criminal cases against main crypto change Binance, which didn’t embody its ongoing case with the SEC.
“The Kraken action was necessarily approved by the Commission and […] is further evidence that the Commission sees no need for regulatory Clarity.”
The push for rulemaking got here as reviews recommend the SEC could also be nearing a decision on a spot Bitcoin (BTC) exchange-traded fund for itemizing on U.S. markets. An approval would probably be one of the crucial important optimistic tendencies towards mainstream crypto adoption.
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