Coinbase Seeks to Compel the SEC to Provide Clarity on Digital Asset Registration Requirements
Coinbase filed a petition for a Writ of Mandamus requesting that the U.S. Court of Appeals for the Third Circuit compel the SEC to respond to Coinbase's previous petition for a rulemaking to clarify digital asset registration requirements.
In the Petition, Coinbase asked the Court to require a response from the SEC within seven days of issuing the Writ. Coinbase explained that the SEC has yet to respond to a rulemaking petition which it filed in July 2022 requesting (i) confirmation as to which digital assets need to register with the SEC and (ii) guidelines for the registration process.
Coinbase argued that the SEC’s "refusal to respond" has been "unreasonably delayed" under the Administrative Procedure Act. Coinbase asserted that the SEC is withholding a formal response while making clear its intent to take enforcement action against Coinbase for purportedly listing unregistered securities. Coinbase said that given the "unlawful, arbitrary, and capricious threats of enforcement" from the SEC, it is requesting the Court compel the SEC to respond to the petition for a rulemaking.