• Coinbase filed a writ of mandamus against the US SEC due to lack of regulatory clarity.
• The exchange claims that the SEC is purposefully ignoring its requests and has already made up its mind about it.
• The writ of mandamus refers to a legal petition that compels a government agency to fulfil its statutory obligations.
Coinbase Files Writ of Mandamus Against US SEC
Coinbase, a major crypto exchange, has filed a writ of mandamus against the United States Securities and Exchange Commission (SEC) after the SEC stated it was in no hurry to respond to Coinbase’s demands for regulatory clarity. Paul Grewal, Coinbase’s chief legal officer, announced the news on Twitter: Late last night Coinbase replied in the Third Circuit to the SEC’s arguments against our petition for a writ of mandamus. Mandamus is the tailor-made remedy for the extraordinary facts presented here. We continue to appreciate the Court’s consideration.
What Is A Writ Of Mandamus?
A writ of mandamus is a legal petition that compels a government agency to fulfill its statutory obligations. In this case, Coinbase requested clear rules from the SEC regarding cryptocurrencies, but instead received an indication that they would not be forthcoming in their response. As such, Coinbase has now gone ahead with filing an action lawsuit at end April and their latest filing – their third – with the Third Circuit of US Court Appeals is seeking relief via this route demanding clear regulations from the SEC.
SEC Responds To Petition
The SEC responded to Coinbase’s initial petition in May by stating they were not obligated to meet requirements set out by them and further argued that issuing complex rulemaking on cryptocurrency within an unreasonably short amount of time was not feasible or reasonable. However, Coinbase retaliated by pointing out public comments made by Gary Gensler which indicated otherwise and thus accused them of purposely ignoring their request while having already made up their minds about denying it.
What Was Gary Gensler Saying?
Gary Gensler had recently been appointed as Chairperson at the US Securities and Exchange Commission (SEC). During one particular speech he had mentioned his plans for regulating cryptocurrencies more effectively so as protect investors and users alike while also ensuring fairness across all markets involved with digital assets like Bitcoin and Ethereum etc., He had mentioned how he intended on bringing forth better transparency as well as prudent risk management practices along with reliable data security measures etc., All these points were taken into account when formulating its latest filing – its third – with regards to seeking relief via this route demanding clear regulations fromthe SEC itself .
Conclusion
In summary, despite receiving resistance fromthe US securities regulator regarding providing clarity on current crypto regulations ,Crypto exchange C oinbase continues push forward with submittingits third filingwiththe Third CircuitofUS CourtAppealsseekinga writofmandamusto compeltheagencyto fulfillitsstatutoryobligationsregardingprovidingclearrulesfor cryptocurrency industry .