Coinbase has intensified efforts to force the hand of the United States Securities and Exchange Commission (SEC) on its crypto rulemaking petition. The firm has submitted a formal response to the Third Circuit regarding the SEC’s recent update on its rulemaking request.
Coinbase Files For Mandamus Again In Latest Response
As earlier reported by Bitcoinist, the SEC staff tendered a recommendation to the Commission on October 10, 2023, following Coinbase’s mandamus request in April. This mandamus petition sought a prompt response to the crypto company’s rulemaking appeal in July 2022.
Coinbase has, however, expressed dissatisfaction and frustration with the latest SEC update, believing it raises more questions than answers. The firm asserted that a “formal, public” response to the petition is long overdue while stating the need for the financial regulator to communicate the timeline for its decision.
Coinbase Chief Legal Officer Paul Grewal also criticized the SEC via a post on X (formerly Twitter) for continuing to delay its response to the firm’s crypto rulemaking petition. According to the October 14 post, Coinbase has filed a response with the Third Circuit, urging the court to grant a mandamus compelling the Securities and Exchange Commission to act on the rulemaking petition.
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 https://t.co/DC1o8EflcH
— paulgrewal.eth (@iampaulgrewal) October 14, 2023
A part of the response read:
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