Coinbase Slams SEC for Regulating via Enforcement, Not Rulemaking
CoinEdition
Published May 24, 2023 07:30AM ET
Coinbase Slams SEC for Regulating via Enforcement, Not Rulemaking
- Coinbase (NASDAQ:COIN) responded to the SEC’s arguments against the mandamus petition.
- According to Coinbase, the SEC’s actions provided justifiable reasons for a mandamus to be issued.
- On May 15, the SEC filed a response against Coinbase’s writ of mandamus petition.
Coinbase responded to the Security and Exchange Commission’s (SEC) May 15 arguments against the writ of Mandamus petition. In the filing, Coinbase reiterated that the writ of mandamus is a necessary remedy as they point out the SEC’s problematic rulemaking. “Mandamus is the tailor-made remedy for the extraordinary facts presented here,” tweeted Coinbase CLO Paul Grewal.
Previously, on May 15, the SEC filed a response against Coinbase’s Mandamus petition. In the document, the SEC argued that Coinbase had no legal authority to file the petition and was presenting unfounded claims to support the mandamus. Furthermore, the SEC stated that it was not obligated to issue new regulations regarding digital assets.
On April 24, Coinbase Global Inc. filed a petition for a writ of Mandamus to the SEC. Coinbase filed the mandamus petition in an attempt to persuade the SEC to act on Coinbase’s previous July 21, 2022 rulemaking petition, which sought to establish new digital asset regulations.
The post Coinbase Slams SEC for Regulating via Enforcement, Not Rulemaking appeared first on Coin Edition.
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