The SEC has responded to Coinbase's request for clear crypto regulation in court, saying that it has no duty to issue new rules for the industry and that it may take a long time to do so.
U.S. SEC Finally Provides a Response to Coinbase’s Request for Regulatory Clarity
The SEC has responded to Coinbase's request for clear crypto regulation in court, saying that it has no duty to issue new rules for the industry and that it may take a long time to do so. The SEC also claimed that Coinbase's petition was too broad and complex, and that it had not given enough time for the SEC to consider it.
Coinbase had filed a petition for mandamus, asking the court to compel the SEC to answer whether it would undertake rulemaking for the crypto sector. The SEC asked the court to reject the petition, saying that mandamus was an "extraordinary remedy" and that Coinbase had no right to it.
Paul Grewal, Coinbase's chief legal officer, expressed his disappointment with the SEC's response on Twitter. He said that the SEC admitted that it would rely on enforcement actions instead of rulemaking for the foreseeable future, and that it disregarded the public statements of its chair Gary Gensler, who had said that there were enough rules in place and that most of crypto was a security.
