Latest SEC response in Coinbase crypto regulation case only raises more questions, delays answers until October Cryptocurrencies
On April 24, Coinbase, the largest cryptocurrency exchange in the United States, submitted a petition for mandamus to the court arguing that the securities regulator is legally obligated to share the information they requested in their July 2022 petition, which sought to have the SEC propose and adopt a clear regulatory framework for the cryptocurrency industry in the U.S. and establish guidelines for companies like Coinbase to work from as they build out their businesses.
On May 3, the Third Circuit Court of Appeals said that the SEC must file its response within 10 days, providing a legal basis for why it has not responded to the 2022 petition. The SEC claimed that granting the petition for mandamus would compel them “to replace existing applicable securities laws and regulations with a comprehensive new regulatory regime for the trading of crypto assets that are securities” in short order. The agency argued that even according to Coinbase’s own submissions, “considering the various paths it suggests is a necessarily complicated endeavor” and the process of formulating and approving a new regulatory regime could take years.
The exchange said the commission “at a minimum must set forth how those inapt and inapposite requirements are to be adapted to digital assets.” “Perhaps recognizing the weakness of its claim, in its reply brief Coinbase now urges the Court to retain jurisdiction and require the Commission to state when it will act on Coinbase’s rulemaking petition and regularly update the Court on its progress,” they continued. “There is similarly no basis for Coinbase’s late-breaking request: while Coinbase might prefer faster action by the Commission, the Commission’s ongoing consideration is reasonable under the circumstances.
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