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Responding to the SEC’s arguments against its petition for a mandamus, Coinbase said the financial regulator is “talking out of both sides of its mouth, and it’s wrong on every end.” Paul Grewal, chief legal officer of the crypto exchange, described the injunction as a “tailor-made remedy for extraordinary facts”.
A long-running dispute between the cryptocurrency exchange and the market regulator is at the center of the battle. Last month, Coinbase sued the SEC, claiming the latter failed to respond after the former sought a formal notice-and-comment process that would have enabled the public to weigh in. The SEC later responded by calling Coinbase’s allegations “baseless”. ,
Coinbase vs SEC
in 23 pages Admission To the United States Court of Appeals for the Third Circuit, the crypto exchange said the SEC’s extensive enforcement campaign on the same topic presented by Coinbase’s rulemaking petition renders the agency’s delay “unwarranted.”
Coinbase argued that the injunction is warranted and blamed the SEC for “making up its mind” to deny the petition. It also said that the commission’s enforcement actions confirm that it is not considering Coinbase’s petition.
The filing also states that the SEC has taken enforcement actions related to more than 25 digital assets since the filing of the petition in July 2022.
“These actions reflect the agency’s belief that the securities laws are clear and practical as they apply to digital assets and that additional rulemaking is unnecessary. And for many of these enforcement actions, The commission is required to take a position on questions central to Coinbase’s rulemaking petition, such as the standard for identifying whether a digital asset is a security.
Coinbase also hit back at the SEC, saying that the latter’s argument — that regulated entities should wait to sue — neglects its obligation to create important new legal standards through rulemaking and enforcement.
SEC’s earlier response
After failed attempts to obtain a response from the SEC regarding the proposal and adoption of rules governing the regulation of securities offered and traded through digitally native methods, a US court ordered the commission to submit within ten days Ordered to respond to Coinbase’s complaint.
The commission then argued that it was under no obligation to issue new regulations and said that Coinbase had no standing to sue the agency. It also said that the digital asset industry already has rules and regulations governing it.
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[ad_1]
Responding to the SEC’s arguments against its petition for a mandamus, Coinbase said the financial regulator is “talking out of both sides of its mouth, and it’s wrong on every end.” Paul Grewal, chief legal officer of the crypto exchange, described the injunction as a “tailor-made remedy for extraordinary facts”.
A long-running dispute between the cryptocurrency exchange and the market regulator is at the center of the battle. Last month, Coinbase sued the SEC, claiming the latter failed to respond after the former sought a formal notice-and-comment process that would have enabled the public to weigh in. The SEC later responded by calling Coinbase’s allegations “baseless”. ,
Coinbase vs SEC
in 23 pages Admission To the United States Court of Appeals for the Third Circuit, the crypto exchange said the SEC’s extensive enforcement campaign on the same topic presented by Coinbase’s rulemaking petition renders the agency’s delay “unwarranted.”
Coinbase argued that the injunction is warranted and blamed the SEC for “making up its mind” to deny the petition. It also said that the commission’s enforcement actions confirm that it is not considering Coinbase’s petition.
The filing also states that the SEC has taken enforcement actions related to more than 25 digital assets since the filing of the petition in July 2022.
“These actions reflect the agency’s belief that the securities laws are clear and practical as they apply to digital assets and that additional rulemaking is unnecessary. And for many of these enforcement actions, The commission is required to take a position on questions central to Coinbase’s rulemaking petition, such as the standard for identifying whether a digital asset is a security.
Coinbase also hit back at the SEC, saying that the latter’s argument — that regulated entities should wait to sue — neglects its obligation to create important new legal standards through rulemaking and enforcement.
SEC’s earlier response
After failed attempts to obtain a response from the SEC regarding the proposal and adoption of rules governing the regulation of securities offered and traded through digitally native methods, a US court ordered the commission to submit within ten days Ordered to respond to Coinbase’s complaint.
The commission then argued that it was under no obligation to issue new regulations and said that Coinbase had no standing to sue the agency. It also said that the digital asset industry already has rules and regulations governing it.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
