In its response to a US federal court, the SEC says Coinbase has no right to compel the agency to issue guidelines for crypto companies “on a specific timeline”
The Securities and Exchange Commission has issued a response to Coinbase's complaint requesting the agency to establish regulatory clarity for the industry.
Blockworks Casey Wagner
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Discussion
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@iampaulgrewal
@iampaulgrewal
on x
Today the SEC responded to Coinbase's petition for a writ of mandamus — asking the court to require the SEC to respond just yes or no to whether it will undertake rulemaking for our industry. The SEC's answer? A resounding maybe. 1/7
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@iampaulgrewal
@iampaulgrewal
on x
Overall the SEC's response reinforces Coinbase's longstanding concern that our industry does not have clarity on what the SEC may consider to be within or outside its jurisdiction at any time, and it is likely to continue changing its mind along the way. 6/7
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@iampaulgrewal
@iampaulgrewal
on x
The SEC also said that the public statements by Chair Gensler are not formal guidance or policy statements from the SEC and the public cannot rely on them as such. 5/7
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@exlawyernft
@exlawyernft
on x
1. Gary Gensler was recently asked about Coinbase's lawsuit against it seeking a writ of mandamus compelling it to issue actual written guidance regarding crypto. TLDR: on what that means - Coinbase is asking a federal court to MAKE the SEC give guidance on crypto.
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@waynevaughan
Wayne Vaughan
on x
The @SECGov just filed a 36-page brief arguing that the court should deny @Coinbase's request for the SEC to formally provide guidance for the crypto industry. Why not simply use their resources provide the much needed guidance? Seems like a waste. https://storage.courtlistener.c…
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@ryansadams
@ryansadams
on x
Coinbase got a court-ordered request for the most trivial crypto clarity from the SEC and they respond with 36 pages of legalese amounting to “we don't have to if we don't want to” Wouldn't it be easier to just provide some clarity? Gensler's SEC is proving unfit to regulate.
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@metalawman
@metalawman
on x
1/ Breaking: SEC responds to @Coinbase suit And, no surprise, the SEC is playing a classic delay strategy. Here's what you should know...
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@attorneyjeremy1
Jeremy Hogan
on x
The Coinbase writ was never about getting an answer to whether the SEC will fairly regulate crypto. That's obviously a “no.” This was a Coinbase offensive against the SEC lawsuit against it coming this summer. And it got some interesting tidbits to use. 1/2 https://twitter.com/..…
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@coinbureau
@coinbureau
on x
So Coinbase has its answer from the SEC and it's even less clear than before. Regulation by enforcement is likely to be the norm. It's a noble fight by Coinbase, but is it a fight worth having? There are other countries that are looking to welcome them with open arms. https://twi…
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@belisarius2020
Bill Morgan
on x
I hope Coinbase's Petition is successful, but it took a few hits in the SEC response. The SEC makes the point that there is judicial scrutiny in the enforcement actions the SEC files, and in which Coinbase has filed two amicus briefs. https://twitter.com/... [image]
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@mdudas
Mike Dudas
on x
“Come in and just maybe register using a process we maybe will create that maybe applies to your business and maybe we'll honor if maybe we feel like it in a few years when we maybe get around to maybe creating a digital asset regulatory framework vs maybe establishing precedent.…
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@newsasset
@newsasset
on x
The sec basically says “we won't give you clarity because we don't have to or want to.” https://blockworks.co/...
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@smyyguy
Dan Smith
on x
The SEC basically told Coinbase, “We'll get to it, eventually” https://blockworks.co/...