Author: Deepchain DCNews
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Coinbase slammed the U.S. securities regulator for failing to answer questions posed by a U.S. appeals court as part of its ongoing legal battle with the regulator.
In a letter filed with the court on June 17, lawyers for the cryptocurrency exchange accused the U.S. Securities and Exchange Commission (SEC) of continuing to provide the court with “no straight answers” regarding Coinbase’s rulemaking petition, which calls on the SEC to establish a regulatory framework for digital assets.
“When ordered by this Court to resolve the apparent inconsistency between its litigation position and its actions and statements elsewhere, the SEC still did not provide a straight answer, instead repeating its talking points,” Coinbase’s letter said.
The letter comes in response to a June 13 filing by the SEC requesting an additional 120 days to respond to Coinbase’s rulemaking petition.
Coinbase claimed that the SEC was unwilling to update the court on its decision, saying it would “be angered even if ordered to update the court on its progress.”
The firm claims that the SEC’s silence, lengthy delays, and the impact of its enforcement actions continue to weigh on the crypto industry, and that SEC Chairman Gary Gensler “continues on a path to cause irreparable harm to U.S. public companies and the industry as a whole.”
On June 17, Coinbase’s chief legal officer Paul Grewal said in a series of tweets that it was “unusual for the government to ignore direct questions from federal court.”
We can't wait until next week's deadline to address the SEC's response to the Third Circuit's June 6 order. It's unusual for the government to ignore direct questioning in federal court. But as we noted today, the SEC's evasive response goes a step further. 1/5 pic.twitter.com/ssULmUpzi2
— paulgrewal.eth (@iampaulgrewal) June 17, 2023
Related: Hong Kong Legislator Invites Coinbase to Territory Despite SEC Scrutiny
Grewal said he hopes the court will grant a Mandamus writ — a court order directing government officials to perform their official duties under the law — given the SEC’s dismissal of Coinbase’s petition.
Coinbase also proposed that the court set the deadline to be 60 days or less from June 13, the date the SEC filed its request.
In a separate case, the SEC sued Coinbase on June 6, alleging the trading platform violated various securities rules, most notably by allegedly offering cryptocurrencies that the regulator deemed to be unregistered securities.
Magazine: Crypto Regulation: Does SEC Chairman Gary Gensler Have the Final Say?