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SEC Requests for Extra Time Regarding Coinbase Writ of Mandamus, Delaying Tactics

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On Tuesday, June 13, the United States SEC requests at least more 4 months of extra time.

The additional time demanded by the agency was to clarify crypto regulations after the court gave it a 7-day deadline last week.

Also, it is for seeking clarity on the crypto exchange’s 2nd request for action.

The Wall Street core regulator reported to the court through a filing that Coinbase’s writ of mandamus “should be rejected”.

READ ALSO: Ripple Questions SEC Official’s Speech On Cryptos

It also disclosed that notwithstanding the 7 days deadline given to SEC, it still “hasn’t decided on the action to take with regards to Coinbase’s rulemaking petition”.

Is the Extra Time Request a Delaying Tactic?

Since the 7-day deadline was given to SEC, it hasn’t offered any positive action.

Instead, its financial regulator stated that “there isn’t any advantage to Coinbase’s out-of-the-ordinary request for a writ of mandamus.

Moreover, it shouldn’t force the agency to act on the crypto exchange’s broad-ranging rulemaking petition just in 7 days”.

The financial watchdog’s attorneys also defended the reason the commission hasn’t provided a decision on the court’s request.

They supported that it “is reasonable considering the vastness of the rulemaking petition.

Also the fact that the petition was filed months ago and Coinbase just supplemented it recently”.

In addition, the SEC stated that “there is exactly no foundation for Coinbase’s late-breaking request: whereas Coinbase may favor quicker action by SEC, the ongoing consideration of the commission is logical under the circumstances.”

The SEC lawyers said further that “considering all the reasons deliberated in the SEC’s response, Coinbase’s mandamus petition should be rejected.”

Moreover, the commission claimed that the assertions of Coinbase, which is one of the world’s largest crypto exchanges by trading volume are “groundless”.

With the argument that the cryptocurrency business “mistakenly contends that SEC’s enforcement of existing legal requirements, some statements by the SEC’s Chair, concerning applying existing statutes, and regulations to crypto assets which are securities, comprises of sub silentio decision to reject Coinbase’s rulemaking petition.”

How is Coinbase Responding to the Matter?

On Tuesday, Paul Grewal, the CLO of Coinbase updated the community regarding the SEC’s response to the exchange’s continuous calls for regulatory clarity in the emerging industry.

The Chief Legal Officer also noted that the commission is ignoring the “clear statements of the Chairman which solidifies the fact that they have no intention to provide new rules.

Instead, they converge the proof of a decision which the statements offered with an argument that the statements itself are a decision”.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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