Coinbase, a leading cryptocurrency exchange, is intensifying its efforts to compel the United States Securities and Exchange Commission (SEC) to take action on its crypto rulemaking petition. The company is seeking a court order, known as a mandamus, to force the SEC to provide an official response to its petition within 30 days. The SEC recently provided a vague status update, stating that its staff had made a recommendation on Coinbase’s petition but offering no further details. In response, Coinbase’s chief legal officer, Paul Grewal, criticized the SEC for its lack of transparency and called for a mandamus to prompt the agency to clarify its intentions. Coinbase has filed its response with the U.S. Court of Appeals for the Third Circuit, stating that the SEC’s update is merely bureaucratic theater and that only a mandamus will compel the agency to fulfill its obligations. Coinbase initially filed its rulemaking petition in July 2022, requesting the SEC to establish clear rules for the crypto market. After the SEC failed to respond, Coinbase filed a petition for mandamus nine months later, seeking a definitive answer. The SEC has repeatedly opposed Coinbase’s request and asked the court to deny the mandamus petition. The SEC has requested 120 days to respond to the rulemaking petition, suggesting that a decision may be reached by the end of October or early November.

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Information	Details
Geography	North America
Countries
Sentiment	negative
Relevance Score	1
People	Paul Grewal
Companies	United States Securities and Exchange Commission (SEC), Coinbase, U.S. Court of Appeals for the Third Circuit
Currencies	None
Securities	None