According to Coinbase, the U.S. Securities and Exchange Commission (SEC) is intentionally ignoring its request for clear rules in the cryptocurrency industry.
Coinbase had submitted a petition for rulemaking to the SEC in July, asking for the adoption of specific rules for digital asset securities and seeking clarification on regulatory treatment.
However, the SEC has not yet responded to the petition. In March, SEC Chair Gary Gensler mentioned that regulations already exist for effectively managing cryptocurrencies under securities laws.
Coinbase claims that the SEC’s words and actions indicate its unwillingness to engage in rulemaking for the foreseeable future.
To address this, Coinbase filed a lawsuit seeking a writ of mandamus, a legal remedy to compel the SEC to respond to its demands. The outcome of the lawsuit remains uncertain.