The SEC is seeking the denial of Coinbase's petition, arguing that the firm has asked for too much, too soon, while the agency has no obligation to meet its demands.
The U.S. The Securities Exchange Commission has finally given a formal response in court in relation to Coinbase’s petition for clear crypto regulation, stating that any rulemaking may take years and that enforcement actions will suffice in the meantime.on May 15, the SEC argued that it is under no obligation to meet the requirements of Coinbase outlined in its petition, while also arguing that the firm has called for a complex set of reforms and rule-making in such a short amount of time.
Coinbase’s chief legal officer Paul Grewal in a Twitter thread said the filing may be the first time the securities regulator has explained its views on whether the SEC should create rules for the crypto industry. He also said there was still a lot left on the table needing clarification. Today the SEC responded to Coinbase’s petition for a writ of mandamus — asking the court to require the SEC to respond just yes or no to whether it will undertake rulemaking for our industry. The SEC’s answer? A resounding maybe. 1/7“The SEC told the court that rulemaking may take years and they're in no rush,” he said, adding:
“The SEC acknowledged that it will continue to use enforcement actions as a substitute for rulemaking for the foreseeable future, but not to worry — those enforcement actions may eventually ‘inform’ not-yet-planned rulemaking.”
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