Coinbase Continues Digital Asset Regulatory Requirements In New Efforts With SEC

Key Points:

• On Tuesday, Coinbase filed an enforcement action with the US Securities and Exchange Commission.
• If the SEC chooses to deny Coinbase’s request, it could still be required by the “Mandamus” to decide on digital asset regulation.
• The crypto exchange argued that the SEC’s enforcement actions demonstrate that it has not considered the lawsuit and ignored requests from the industry for many years.

Coinbase filed an enforcement action with the US Securities and Exchange Commission on Tuesday and acted to petition Mandamus in response to the SEC’s disregard.

Coinbase has filed an answer in support of a US Securities and Exchange Commission (SEC) petition in its latest move to seek a rule from the SEC for digital assets. Coinbase’s chief legal officer, Paul Grewal, called the mandamus “a fitting remedy for extraordinary truths.”

Coinbase filings on May 22 stated that the agency decided to deny the exchange’s July lawsuit but has not made that decision public.

Last month, Coinbase filed a lawsuit against the SEC, asking the SEC to respond to a lawsuit it filed in July 2022 to create specific rules for digital assets. Earlier this month, a US court ordered the SEC to respond to a cryptocurrency rule petition filed by Coinbase within ten days.

At the heart of the dispute is the longstanding debate over which digital assets should be considered secure and, therefore, subject to the SEC’s trading rules. The regulator told the court earlier this month that the exchange’s most recent legal action was “baseless” and that they still have more time to consider the original claim.

In the latest filing, Coinbase reiterated its argument that the SEC decided to deny its request for the new rules and pointed to public comments from SEC Chairman Gary Gensler.

The largest US cryptocurrency exchange also argued that the SEC’s enforcement actions showed that it did not consider the lawsuit and accused the regulator of ignoring other cases from the crypto industry for many years.

“The SEC does not dispute that since 2017 it has received five digital-asset-related rulemaking petitions and has acted on none.”

It is reported that the court order requires government officials to “correctly carry out official duties or remedy abuses of power.”

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