The SEC decided to reject the petition

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Von: Krypto News Österreich

In response to the arguments of the SEC against her application for a mandamus application, Coinbase said that the financial supervisory authority "talks from both sides of its mouth, and it is wrong on both sides." Paul Grewal, Chief Legal Officer of the crypto exchange, described the mandamus as "the tailor-made remedy for the extraordinary facts".

The focus of the argument is the long-term dispute between the crypto exchange and the market regulator. Coinbase sued the SEC last month and claimed that this did not give an answer because the former sought a formal communication and commentary procedure that would enable the public to comment. The SEC reacted later and considered the claims of Coinbase to be "baseless". . “

Coinbase vs. sec

In a 23-page submission to the third district of the United States Court of Appeal, the crypto exchange stated that the broad-based enforcement campaign of the SEC on the same topic that was raised in the regular settlement of Coinbase made the delay of the authority "inappropriate".

Coinbase argued that Mandamus was justified and blamed the SEC for "deciding" to reject the petition. The Commission's enforcement measures also confirmed that it did not consider the petition of Coinbase.

In the submission, it was also pointed out that the SEC has initiated over 25 enforcement measures in connection with digital assets since the petition was submitted in July 2022.

"These measures presuppose that the agency is convinced that the securities laws in relation to digital assets are clear and practical and that no additional regulations have to be issued." And many of these enforcement measures require that the Commission refers to the central questions in the regular settlement petition of Coinbase, for example to the standard for identification as to whether a digital asset is a security. "

Coinbase also repaid against the SEC and said that with its argument - regulated companies should wait until they are sued - ignoring their obligations to create significant new legal standards through regulations and not through enforcement.

earlier response from the SEC

After failed attempts to obtain an answer to their attitude to the proposal and the adoption of rules for regulating securities that are offered and traded using digital methods, a US court instructed the Commission to react to Coinbase's complaint within ten days.

The Commission then argued that it was not obliged to issue new regulations, and added that Coinbase was not authorized to sue the authority. It was also said that the industry of digital assets already regulated and regulations that they regulate.

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