A U.S.-based crypto exchange, Coinbase is compelling the U.S. Court of Appeals to force the Securities and Exchange Commission (SEC) to respond to its petition for crypto regulations.
In a recent filing, Coinbase responded to the SEC’s plan to provide a status report on the petition by December 15. Coinbase’s petition, filed in July 2022, seeks rules governing the regulation of digitally traded securities.
SEC lawyers wrote to the court in a letter dated November 21st, stating, “The Commission’s consideration of the staff’s recommendation on Coinbase’s rulemaking petition is proceeding in accordance with the Commission’s Rules of Practice.”
The company argued that only a court order would prompt the SEC to address its petition, accusing the regulator of delaying and hedging. Coinbase pointed to the SEC’s recent enforcement action against Kraken, where the commission alleged regulatory violations, as evidence that the SEC needs more clarity in its approach.
Notably, the SEC’s move against Kraken is seen by Coinbase as an indication that the commission does not see the need for regulatory clarity.
This development occurs amidst rumors of the SEC coming in with their decision concerning a Bitcoin exchange-trade fund whose approval would change the crypto mainstream adoption.