Coinbase has filed a mandamus petition with the US Court of Appeals for the Third Circuit in response to the Securities and Exchange Commission's (SEC) lack of response to its request for rulemaking. The petition seeks clarification on how federal securities laws apply to digital assets such as cryptocurrencies and non-fungible tokens (NFTs).

Coinbase argues that existing regulations lack clarity and relevance in today's rapidly evolving landscape. The court has ordered the SEC to submit an additional brief to clarify its decision on Coinbase's rulemaking request and has asked why it should not establish a deadline for granting or denying the request. Coinbase has urged the court to grant mandamus and direct the SEC to take action within 30 days.