Coinbase filed a legal action on April 24 to force the US Securities and Exchange Commission (SEC) to respond to its earlier rulemaking request.
Coinbase asks for a response
In July 2022, Coinbase produced a petition asking the SEC to use its rulemaking process to develop guidance for companies in the crypto industry.
The current filing does not oblige the SEC to comply with the request. Rather, if the filing is successful, it will force the SEC to accept or reject the petition.
Coinbase said that the SEC must respond to requests within a reasonable period of time. He suggested that the SEC probably decided to reject his application, but said that the regulator had not made any public statement on the matter.
The current filing is indirectly related to a notice from Wells that Coinbase received from the SEC in March. That notice is a sign that the SEC could soon bring charges against Coinbase, and Coinbase plans to fight the SEC in court if it decides to move forward.
According to Coinbase, the SEC is required to make a statement on the matter in order for members of the public (or Coinbase itself) to challenge certain SEC policies. As such, Coinbase needs the SEC to respond to its request, even if the answer is “no.”
Coinbase met with the SEC and Congress
Brian Armstrong, CEO of Coinbase tweeted separately that he and his staff met with the SEC. he said that Coinbase will “keep pushing for a clear rulebook.”
Armstrong and his staff also met with members of Congress ahead of that appointment to discuss related regulatory issues, including SEC overreach.
Coinbase is one of many crypto companies that have recently come under fire from the SEC; others include Kraken, Bittrex, and Ripple. Last week, House Republicans criticized SEC Chairman Gary Gensler for the agency’s harsh treatment of the cryptocurrency industry.
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