Coinbase Slams SEC for Regulating via Enforcement, Not Rulemaking By CoinEdition

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Coinbase Slams SEC for Regulating via Enforcement, Not Rulemaking

Published May 24, 2023 07:30AM ET

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Coinbase (NASDAQ:COIN) responded to the SEC’s arguments against the mandamus petition.

According to Coinbase, the SEC’s actions provided justifiable reasons for a mandamus to be issued.

On May 15, the SEC filed a response against Coinbase’s writ of mandamus petition.

Coinbase responded to the Security and Exchange Commission’s (SEC) May 15 arguments against the writ of Mandamus petition. In the filing, Coinbase reiterated that the writ of mandamus is a necessary remedy as they point out the SEC’s problematic rulemaking. “Mandamus is the tailor-made remedy for the extraordinary facts presented here,” tweeted Coinbase CLO Paul Grewal.

Late last night Coinbase replied in the Third Circuit to the SEC’s arguments against our petition for a writ of mandamus. Mandamus is the tailor-made remedy for the extraordinary facts presented here. We continue to appreciate the Court's consideration. https://t.co/OD02kX3524
— paulgrewal.eth (@iampaulgrewal) May 23, 2023

In detail, Coinbase responded to the SEC’s arguments by pointing out several reasons why a Mandamus was warranted. Among other things, Coinbase pointed out that the SEC has ignored other crypto industry petitions for years; ignored its obligations to create legal standards through rulemaking, not enforcement; and the unreasonable delay in responding to rulemaking petitions.

The SEC’s simultaneous enforcement campaign is imposing significant and immediate harms, but also because — as the SEC tacitly concedes — companies are being prosecuted for failing to trod a regulatory path that the SEC itself refuses to provide.

Previously, on May 15, the SEC filed a response against Coinbase’s Mandamus petition. In the document, the SEC argued that Coinbase had no legal authority to file the petition and was presenting unfounded claims to support the mandamus. Furthermore, the SEC stated that it was not obligated to issue new regulations regarding digital assets.

On April 24, Coinbase Global Inc. filed a petition for a writ of Mandamus to the SEC. Coinbase filed the mandamus petition in an attempt to persuade the SEC to act on Coinbase’s previous July 21, 2022 rulemaking petition, which sought to establish new digital asset regulations.

The post Coinbase Slams SEC for Regulating via Enforcement, Not Rulemaking appeared first on Coin Edition.

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