SEC snubs Coinbase’s seven-day rulemaking request but could act by October

The U.S. Securities and Exchange Commission (SEC) stated successful a June 13 tribunal filing that it has not yet decided connected requests from Coinbase.

SEC says it hasn’t decided connected rulemaking

In July 2022, Coinbase petitioned the SEC to prosecute successful rulemaking for the cryptocurrency industry, seeking wide regulatory guidelines. Later, successful April 2023, Coinbase submitted a tribunal filing requesting a writ of mandamus that would compel the SEC to enactment connected their rulemaking petition.

On June 7, 2023, courts ordered the SEC to reply circumstantial questions wrong 7 days. This prompted the SEC’s latest letter, arguing that Coinbase’s “extraordinary” petition for a writ of mandamus wrong 7 days is without merit.

The SEC stated that it has not decided what enactment to instrumentality regarding Coinbase’s rulemaking petition, nor has it decided to contradict it. The regulator besides said determination should beryllium nary circumstantial deadline for immoderate determination it mightiness make. Furthermore, it said it should not beryllium compelled to supply periodic reports, arsenic requested by Coinbase.

The SEC mentioned that its unit “anticipate being capable to marque a recommendation” internally wrong 120 days, by October 11. The regulator besides said it could supply a presumption study to the tribunal astatine the extremity of that period.

The bureau urged the tribunal to disregard Coinbase’s petition for a writ of mandamus.

Coinbase’s Paul Grewal responds to agency

Coinbase CLO Paul Grewal responded by maintaining that statements from SEC Chair Gary Gensler amusement that the bureau does not mean to contented caller rules.

Grewal insisted that those statements are grounds of a decision, adjacent if they are not a determination successful their ain right, and said that the SEC had conflated these ideas.

The SEC stated successful its filing contiguous that this is an “erroneous” contention by Coinbase. It said that Gensler’s statements (as good arsenic its regular enforcement actions) are not an implicit determination to contradict Coinbase’s rulemaking petition. The securities regulator insisted that it is considering Coinbase’s petition “in the mean course.”

Coinbase broadly asserts that it has been fixed nary wide pathway to registry with the SEC. This statement is portion of Coinbase’s defence against a abstracted suit filed by the SEC connected June 6, alleging that Coinbase has violated securities regulations, including charges of offering definite cryptocurrency products and services without due registration.

The station SEC snubs Coinbase’s seven-day rulemaking petition but could enactment by October appeared archetypal connected CryptoSlate.