Coinbase, the largest crypto exchange in the US, has responded to the Securities and Exchange Commission (SEC) after the regulator refused to provide clarity on crypto regulations. The exchange had filed a petition in July 2022 asking for overdue guidance for the crypto industry, which was ignored by the SEC. In the latest court filing, Coinbase suggested that regulation by enforcement was the root of the problem, not the solution. The firm has asked the court to issue a writ of mandamus instructing the SEC to respond to the rulemaking petition within seven days or provide an explanation for the delay.
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Coinbase Responds to SEC's Ignoring of Petition for Crypto Regulations Clarity
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The US SEC has returned the S-1 form to the potential Ethereum ETF issuer with a few comments, asking it to fix the problem and resubmit.
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Coinbase Chief Legal Officer: US SEC blocks Coinbase’s request to disclose Gary Gensler’s communication documents
Paul Grewal.eth, the Chief Legal Officer of Coinbase, wrote on the X platform that the issues of Chevron and Binance's secondary sales have been clarified, but in Coinbase's lawsuit, the U.S. Securities and Exchange Commission (SEC) has prevented Coinbase from requesting the disclosure of Gary Gensler's communication documents. In March 2021, Gary Gensler told the U.S. Congress that the SEC lacked regulatory authority over digital asset exchanges, confirming the long-held belief among market participants that digital asset trading on these exchanges is not within the jurisdiction of securities law. Coinbase has requested that Gary Gensler provide documents related to these communications because they are related to how the SEC's enforcement actions violate the due process requirements of the Constitution, but the SEC and Gary Gensler are trying to prevent the disclosure of these documents.
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