Coinbase is still asking the US Securities Exchange Commission for regulation through the court system, an executive said May 23.
Coinbase continues to make deposits
Coinbase CLO Paul Grewal wrote on Twitter:
… Coinbase responded in the third circuit to the SEC’s arguments against our petition for a subpoena of mandamus. Mandamus is the custom remedy for the extraordinary facts presented here.
Coinbase received a notice from Wells from the SEC on March 22, stating that the agency could soon take legal action against the company for alleged regulatory violations.
As of April 25, Coinbase began filing legal documents to force the SEC to answer an earlier petition and provide clear rules. On May 15, the SEC responded by stating that it is not required to create new regulations.
Coinbase challenges past results
Coinbase’s latest lawsuit, dated May 22, seeks to challenge the SEC’s refusal to legislate. Coinbase claims SEC members have publicly stated that they will not engage in rule-making, while also making statements suggesting they are “actively considering” Coinbase’s petition and other regulatory approaches.
Coinbase additionally argued that the SEC’s broad enforcement action against the crypto industry also shows that it is not considering the petition.
At the end of the latest filing, Coinbase asked the court to issue a subpoena of mandamus, forcing the SEC to respond to its original petition within seven days.
Otherwise, the court would have to order the SEC to justify the delay, set a timeline for its response and provide updates, Coinbase said.
The post Coinbase Asks for Mandamus Against SEC, Continues to Demand Regulations appeared first on CryptoSlate.
