- The petition orders a government entity to carry out its legal responsibilities.
- According to Coinbase, the SEC has been uncooperative.
Coinbase, the largest cryptocurrency exchange, has filed a writ of mandamus against the US Securities and Exchange Commission (SEC), ramping up its ongoing conflict with the SEC. The necessity for standardized regulations and norms for the cryptocurrency industry in the United States has been the source of contention for months, leading to the filing of this lawsuit.
Coinbase has filed a writ of mandamus because the SEC has been unresponsive to the company’s requests for regulatory clarification, which it has called “baseless.” A writ of mandamus is a petition in court that orders a government entity to carry out its legal responsibilities.
Conflict Continues Over Clarity
As with previous rulemaking petitions involving digital assets, Coinbase’s filing emphasized the SEC’s intention to continue its anti-crypto enforcement campaign against the industry, focusing on the very topics raised by Coinbase’s petition while ignoring the petition itself.
Furthermore, the topic of digital asset regulation might be forced onto the SEC via a mandamus if the SEC decides to refuse Coinbase’s petition. According to Coinbase, the SEC has been uncooperative, despite the fact that the company has asked for and the court has ordered it to offer clear rules.
Moreover, the crypto exchange also noted that the SEC has changed its mind on whether or not securities rules apply to digital assets in light of its recent enforcement effort. Cryptocurrency behemoth out of California alleges SEC has unveiled new criteria that give it the right to pursue enforcement proceedings against the sector forever based on those standards.
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