Coinbase Ramps Up Pressure Against SEC!

Coinbase, has increased its pressure for a court order due to SEC not responding to a petition regarding crypto regulation.

Coinbase has requested a mandamus (Mandamus is a legal recourse in the form of an order from a court to any government, lower court, corporation or public authority to perform a certain action that this body is legally required to perform and is of a public nature.) to be issued within 30 days to force the SEC to accept or reject the petition.

You Might Be Interested: SEC Won’t Appeal The Court’s Decision on the Grayscale ETF!

The SEC presented a case update on October 12, giving an ambiguous response to Coinbase’ s petition. However, it did not share details. Coinbase’ s chief legal officer Paul Grewal criticized the SEC and called for a mandamus to force them to explain their intentions.

In his post on X, Grewal claimed “the SEC’s non-illuminating report is nothing more than a bureaucratic pantomime. It also is nothing other than a mandamus will compel the institution to take its obligations seriously”.

Coinbase had requested the SEC to establish clear rules for regulating the crypto market with the rule-making petition it submitted in July 2022. However, due to the SEC’s non-response, Coinbase had applied for a court order.

Also, SEC may respond at the end of October or the beginning of November. These developments increase the uncertainty about the regulation of the crypto market and the determination of rules.

In the comment section, you can freely share your comments about the topic. Additionally, don’t forget to follow us on Telegram, YouTube, and Twitter for the latest news and updates.