Dismissing the most recent response from the Securities and Exchange Commission to its long-delayed petition on rulemaking, Coinbase is demanding once again that the agency take prompt action on a request it made last year for formal rules on which digital assets count as securities.

If the SEC won’t do that, the exchange wants the courts to force the SEC to take action. 

In a filing submitted to a Manhattan federal court on Friday, Coinbase accused the SEC of a pattern of “troubling intransigence” for refusing to act on its rulemaking petition that was filed last July. The agency previously called for a delay from the court that was granted in June, but a recent filing by its lawyers said that a recommendation was made in this direction with no guidance yet issued.

This pattern, Coinbase’s outside counsel Eugene Scalia wrote, amounts to a tacit admission that the SEC “has no intention” of taking action on the request. By not acting, Scalia said the SEC has left digital asset “stuck in an unprecedented Catch-22.”

“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,” wrote Scalia, a partner at Gibson Dunn and

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Author: Nicholas Morgan

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