Coinbase Calls Out the SEC for Not Providing Straight Answers
- Coinbase has slammed the SEC for not providing “straight answers” to its rulemaking petition.
- The exchange stated that the SEC continues to repeat its talking points.
- The crypto firm claims that the agency “bristles even at being ordered to update the Court on its progress.”
- The SEC asked for an additional 120 days from the court to answer the petition.
The largest crypto exchange in the United States, Coinbase, has called out the US Securities and Exchange Commission (SEC) for its failure to answer the questions that the company presented in the US Court of Appeals. The two entities have been involved in a legal battle for quite some time as the exchange seeks clear policies from the regulator.
The lawyers representing Coinbase slammed the SEC for not presenting “straight answers” to its questions regarding the regulation of crypto assets in the United States. As per a letter dated June 17, the advocates stated that the securities regulator has yet to provide an elaborate answer to the rulemaking petition that the company filed almost a year ago.
“When ordered by this Court to address the stark inconsistency between its litigating position and its actions and statements elsewhere, the SEC still offers no straight answers and instead repeats its talking points,” the letter from Coinbase said.
It is crucial to note that this letter was a response to a submission made by the SEC on June 13 requesting an additional 120 days for a proper response to the Coinbase rulemaking petition. The exchange said that the regulator is unwilling to inform the Court regarding its decisions and added that the SEC “bristles even at being ordered to update the Court on its progress.”
The only publicly listed crypto exchange in the United States noted in the letter that the lengthy days coupled with the SEC’s silence and enforcement actions is destroying the crypto space. Coinbase claims that the actions of SEC Chair Gary Gensler “continue to charge well down the path to irreparably damaging a U.S. public company and an entire industry.”
The Chief Legal Officer at the crypto exchange, Paul Grewal, noted in a Twitter thread that it is “unusual for the government to defy a direct question from a federal court.” He also said that he anticipates that the Court will grant a writ of mandamus, which will force the SEC to act on the rulemaking petition.
As reported earlier by BitcoinWisdom, Judge Cheryl Ann Krause of the US Court of Appeals for the Third Circuit ordered the SEC to disclose if it has decided to dismiss Coinbase’s petition and, if not, how long it will take to decide its position.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
