Coinbase criticizes SEC for dodging its rule-making petition

Coinbase has criticized the Securities Exchange Commission (SEC) for dodging its rulemaking petition arsenic portion of its ongoing ineligible lawsuit against the regulator.

On June 13, the SEC informed the tribunal that it had yet to determine connected a people of enactment regarding the petition, adding that determination should beryllium nary circumstantial deadline for a effect oregon a request to supply periodic reports per the plaintiff’s request.

Coinbase urged the SEC to contented regulatory guidance for the integer plus manufacture successful July 2022, which successful portion led to the speech suing the bureau successful April pursuing a nonaccomplishment to respond.

In the latest, a letter from Coinbase’s defence squad reiterated erstwhile claims that the SEC refused to supply regulatory clarity portion demanding compliance with non-existent rules.

Quoting SEC seat Gary Gensler, who said, “The rules and regulations are already clear,” successful the days pursuing the bureau suing Coinbase, Coinbase argued that the bureau would not apt prosecute successful rulemaking and a writ of mandamus is required to compel the bureau to perform.

On June 6, the SEC sued Coinbase, alleging it had violated respective securities laws, including operating arsenic an unregistered exchange.

Coinbase pointed retired inconsistencies successful the SEC’s approach, stating, successful its June 13 filing, that it had yet to determine connected its rulemaking policies, contradicting Gensler’s connection above.

“When ordered by this Court to code the stark inconsistency betwixt its litigating presumption and its actions and statements elsewhere, the SEC inactive offers nary consecutive answers and alternatively repeats its talking points”

In addition, further disapproval was leveled astatine the agency’s nonaccomplishment to code the overlap betwixt its enforcement enactment against Coinbase and the exchange’s ineligible filing for wide rules.

“The SEC’s reflection that an bureau tin prosecute some enforcement and rulemaking ignores the unprecedented quality of its behaviour here.”

A refusal to supply rules defining cryptocurrencies and a way to registration, instead, legislating by enforcement, is not a “lawful substitute,” said Coinbase.

For those reasons, it urged the tribunal to assistance its mandamus petition.

The station Coinbase criticizes SEC for dodging its rule-making petition appeared archetypal connected CryptoSlate.