Cryptocurrency exchange Coinbase has criticized the US Securities and Exchange Commission (SEC) for evading questions posed by an appeals court in their ongoing legal dispute. In a letter submitted to the court on June 17, Coinbase's attorneys expressed frustration with the SEC's failure to provide a direct response regarding Coinbase's rulemaking petition for digital asset regulation. The company accused the SEC of repeating talking points instead of addressing the court's concerns.
Coinbase's letter was a response to an SEC filing on June 13, in which the regulator requested an additional 120 days to respond to Coinbase's rulemaking petition. Coinbase argued that the SEC was reluctant to update the court on its decision and expressed concerns about the industry's challenges caused by the SEC's silence and prolonged delays. Coinbase's Chief Legal Officer, Paul Grewal, highlighted the unusual nature of the government's rejection of a direct federal court inquiry and suggested seeking a writing of mandamus to compel the SEC to comply with Coinbase's petition.
Additionally, Coinbase proposed a revised deadline of 60 days or less, starting from the SEC's requested date of June 13. The company is currently facing a separate lawsuit from the SEC, filed on June 6, which accuses Coinbase of violating securities rules by alleged just offering unregistered securities through its trading platform. Coinbase believes that the SEC's actions, coupled with Chairman Gary Gensler's approach, could have a detrimental impact on US-listed companies and the overall cryptocurrency industry.
Summary
Cryptocurrency exchange Coinbase has criticized the US Securities and Exchange Commission (SEC) for evading questions posed by an appeals court during their legal battle. In a letter, Coinbase expressed frustration with the SEC's failure to provide direct answers and accused them of repeating talking points. Coinbase also suggested seeking a court order to compel the SEC to comply with their petition for digital asset regulation. The company proposed a revised deadline of 60 days or less for the SEC's response. Coinbase is currently facing a separate lawsuit from the SEC, alleging violations of securities rules.
