{"id":175889,"date":"2023-05-24T07:41:15","date_gmt":"2023-05-24T07:41:15","guid":{"rendered":"https:\/\/precoinnews.com\/?p=175889"},"modified":"2023-05-24T07:41:15","modified_gmt":"2023-05-24T07:41:15","slug":"coinbase-continues-effort-to-get-mandamus-for-sec-response-to-rulemaking-petition","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/coinbase-continues-effort-to-get-mandamus-for-sec-response-to-rulemaking-petition\/","title":{"rendered":"Coinbase continues effort to get mandamus for SEC response to rulemaking petition"},"content":{"rendered":"

Coinbase has filed a reply in support of its petition for a writ of mandamus to the United States Securities and Exchange Commission (SEC) in its latest move seeking rulemaking from the SEC on digital assets. Coinbase chief legal officer Paul Grewal called the mandamus \u201cthe tailor-made remedy for the extraordinary facts.\u201d<\/p>\n

Coinbase filed a petition to the SEC in July \u201crequesting that the Commission propose and adopt rules to govern the regulation of securities that are offered and traded via digitally native methods, including potential rules to identify which digital assets are securities.\u201d It provided 50 questions for the agency to consider in formulating rules. <\/p>\n

The Coinbase filing on May 22 claimed that the agency has made a decision to reject Coinbase\u2019s July petition but has not made that decision public. Furthermore, the SEC\u2019s inaction is allegedly part of a larger pattern:<\/p>\n

\u201cThe SEC does not dispute that since 2017 it has received five digital-asset-related rulemaking petitions and has acted on none.\u201d <\/p><\/blockquote>\n

Coinbase and the SEC presented arguments concerning the appropriate response time for rulemaking, even with a mandamus writ. Coinbase argued in its new filing that its case was different from others:<\/p>\n

\u201cBut the SEC has not cited, and Coinbase has not found, a single case in which a court has approved even a months-long delay when an agency was actively pursuing enforcement on the same topics of the rulemaking petition \u2014 let alone when the agency was threatening suit against the rulemaking petitioner itself.\u201d <\/p><\/blockquote>\n

When it did not receive a response to the petition by April, Coinbase filed a writ of mandamus, a formal request that the agency be required to respond, in the U.S. Court of Appeals for the Third Circuit. The SEC could respond under the mandamus by rejecting the petition\u2019s call to action. However, doing so would open it up to further legal action to compel rulemaking on digital assets.<\/p>\n

The SEC did not initially respond to the mandamus either. After a court ruling required it to do so, the SEC responded on May 15 with a brief calling for the court to deny the petition. It claimed that Coinbase\u2019s request was unreasonable and that it could take years for the rulemaking.<\/p>\n

However, SEC Chair Gary Gensler delivered a speech the same day and said in response to an audience question that \u201cthe rules have already been published\u201d for the crypto market, referring to existing securities legislation.<\/p>\n

Related: US Chamber of Commerce slams SEC’s \u2018haphazard\u2019 regulation efforts<\/em><\/strong><\/p>\n

Coinbase suggested that the SEC be required to respond to its July petition within seven days or explain the delay and set a deadline. <\/p>\n

Coinbase received a Wells notice on March 22 indicating it was under threat of legal action from the SEC for \u201cpossible violations of securities laws.\u201d <\/p>\n

Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?<\/em><\/strong><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Coinbase has filed a reply in support<\/p>\n","protected":false},"author":3,"featured_media":175888,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nCoinbase continues effort to get mandamus for SEC response to rulemaking petition - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/coinbase-continues-effort-to-get-mandamus-for-sec-response-to-rulemaking-petition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coinbase continues effort to get mandamus for SEC response to rulemaking petition - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Coinbase has filed a reply in support\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/coinbase-continues-effort-to-get-mandamus-for-sec-response-to-rulemaking-petition\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-24T07:41:15+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/05\/Coinbase-continues-effort-to-get-mandamus-for-SEC-response-to-rulemaking-petition.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/coinbase-continues-effort-to-get-mandamus-for-sec-response-to-rulemaking-petition\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/coinbase-continues-effort-to-get-mandamus-for-sec-response-to-rulemaking-petition\/\",\"name\":\"Coinbase continues effort to get mandamus for SEC response to rulemaking petition - 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