{"id":22576,"date":"2023-06-14T13:08:14","date_gmt":"2023-06-14T17:08:14","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/us-sec-plans-to-take-four-months-to-coinbases-rulemaking-petition\/"},"modified":"2023-06-14T13:08:15","modified_gmt":"2023-06-14T17:08:15","slug":"us-sec-plans-to-take-four-months-to-coinbases-rulemaking-petition","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=22576","title":{"rendered":"US SEC Plans To Take Four Months to Coinbase\u2019s Rulemaking Petition"},"content":{"rendered":"
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The US Securities and Exchange Commission could take months to decide whether or not to respond to crypto exchange Coinbase\u2019s petition for rulemaking, according to a recent court filing<\/u>.<\/p>\n

The SEC did not seem to be rushing to implement rulemaking for crypto in a court filing responding to Coinbase\u2019s request for the agency to write rules explaining how securities laws apply to crypto.\u00a0<\/p>\n

Coinbase called on a court<\/u> to issue a \u201cwrit of mandamus\u201d last month, telling the SEC to respond to its rulemaking petition within seven days.<\/p>\n

\u201cThere is no merit to Coinbase\u2019s extraordinary request for a writ of mandamus to compel the Commission to act on Coinbase\u2019s wide-ranging rulemaking petition within seven days,\u201d the SEC said on Tuesday in the filing.\u00a0<\/p>\n

The SEC then said it anticipated being able to make a recommendation to the commission in the next four months.\u00a0<\/p>\n

Enforcement against Coinbase<\/h2>\n

The SEC\u2019s response to the exchange\u2019s rulemaking petition comes just days after the agency sued<\/u> Coinbase for not being registered as an exchange, broker or clearing agency.\u00a0<\/p>\n

The SEC referenced the lawsuit in Tuesday\u2019s court filing, noting that it does not indicate whether the \u201ccommission has decided to deny Coinbase\u2019s rulemaking petition.\u201d<\/p>\n

\u201cRegardless of whether the Commission determines to undertake the rulemaking sought by Coinbase, a decision the Commission has yet to make, Coinbase\u2014like everyone else\u2014is bound by existing law,\u201d the SEC said.\u00a0<\/p>\n

Coinbase Chief Legal Officer Paul Grewal criticized the SEC\u2019s response on Twitter, accusing the agency of ignoring statements made by the SEC chair.\u00a0<\/p>\n

\u201cThey ignore the clear statements of the Chair that confirm they have no intent to issue new rules, and instead conflate the evidence of a decision those statements provide with an argument that the statements are themselves a decision,\u201d Grewal said.<\/p>\n

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SEC Chair Gary Gensler has repeatedly called on crypto exchanges to register and has said that rules governing crypto already exist.\u00a0<\/p>\n

The agency\u2019s rulemaking agenda<\/u> for spring 2023 also seemingly does not include distinct plans to write new rules for crypto, though the SEC has proposed other rules that could in part affect crypto.<\/p>\n<\/p><\/div>\n