Crypto exchange Coinbase has launched a scathing attack on the United States Securities and Exchange Commission (SEC), accusing the regulator of evading essential questions in their ongoing legal battle.
In a letter filed with the U.S. Court of Appeals, Coinbase’s lawyers criticized the SEC for failing to provide clear answers regarding Coinbase’s rulemaking petition that calls for a regulatory framework for digital assets.
The letter came in response to the SEC’s request for an additional 120 days to respond to Coinbase’s petition, a move that Coinbase views as further evidence of the SEC’s reluctance to update the Court on its progress.
Coinbase emphasized that the SEC’s silence, along with significant delays and enforcement actions, continues to have a detrimental impact on the crypto industry.
Coinbase’s Chief Legal Officer, Paul Grewal, expressed his disappointment on Twitter, highlighting the government’s unusual defiance of a direct question from a federal court.
Seeking resolution, Coinbase is now urging the Court to grant a writ of Mandamus, a court order compelling government officials to fulfill their duties under the law.
Furthermore, Coinbase proposes that the Court establish a deadline of 60 days or less starting from the SEC’s request date of June 13.
Also Read: XRP Attorney And Coinbase Push for SEC’s Petition Response
As the dispute continues, industry participants are closely watching the outcome, as it may have far-reaching implications for the regulatory landscape surrounding digital assets.
