Employees of Coinbase Global Inc, the most important U.S. cryptocurrency trade, watch as their itemizing is displayed on the Nasdaq MarketSite jumbotron at Times Square in New York, April 14, 2021.
Shannon Stapleton | Reuters
Crypto trade Coinbase filed swimsuit in opposition to the Securities and Exchange Commission Monday, asking that the regulator be pressured to publicly share its reply to a months-old petition on whether or not it might permit the crypto business to be regulated utilizing current SEC frameworks.
The July 2022 petition requested that the SEC “propose and adopt rules to govern the regulation of securities that are offered and traded via digitally native methods,” referring to digital property like cryptocurrencies.
The SEC didn’t provide any particular public response to Coinbase’s petition, however in latest months has aggressively ramped up enforcement actions and warnings in opposition to crypto exchanges, together with Coinbase.
“From the SEC’s public statements and enforcement activity in the crypto industry, it seems like the SEC has already made up its mind to deny our petition. But they haven’t told the public yet. So the action Coinbase filed today simply asks the court to ask the SEC to share its decision,” Coinbase chief authorized officer Paul Grewal mentioned in a weblog publish.
Since January, the SEC has taken motion in opposition to crypto exchanges Bittrex & Gemini, crypto lender Genesis, and a bevy of particular person actors accused of manipulating cryptoassets, together with crypto entrepreneur Justin Sun and disgraced Terraform Labs founder Do Kwon.
The mandamus writ is Coinbase’s first formal salvo in opposition to the regulator, a bit over a month in the past it was warned by the SEC of pending authorized motion via a Wells discover.
“Coinbase does not take any litigation lightly, especially when it relates to one of our regulators. Regulatory clarity is overdue for our industry,” Grewal mentioned within the weblog publish. “Yet Coinbase and other crypto companies are facing potential regulatory enforcement actions from the SEC, even though we have not been told how the SEC believes the law applies to our business.”
The SEC didn’t instantly return a request for remark.
WATCH: Crypto wants regulatory readability, business advocate says
Source: www.cnbc.com”