Coinbase continues to push to compel SEC on crypto rulemaking petition.

Coinbase has doubled down on a court order forcing the United States Securities and Exchange Commission (SEC) to act on the firm's crypto rulemaking petition.

Coinbase is seeking a writ of mandamus within 30 days to compel the SEC to issue an official answer on whether to accept the petition.

The SEC issued a much-anticipated status update on October 12, vaguely stating that “Commission staff has provided comments to the SEC on Coinbase's petition,” but did not provide any further details.

On October 13th on X (formerly Twitter), Coinbase's Chief Legal Officer Paul Grewal dragged his heels against the SEC and filed for mandamus to compel the SEC to provide adequate disclosure.

We filed our response with the Third Circuit. DR: The SEC's non-enlightening “update” is mere bureaucratic pantomime and proves that nothing short of mandamus will prompt the agency to take its obligations seriously. 1/3 https://t.co/DC1o8EflcH

— paulgrewal.eth (@iampaulgrewal) October 14, 2023

Grewal shared Coinbase's response to the SEC's amendment to the US Court of Appeals for the Third Circuit.

“The SEC's lackluster report is a bureaucratic pantomime and proves that nothing short of a sham will prompt the agency to take its responsibilities seriously. It took over a year and an order from this Court to come up with a recommendation at the Labor level.

“The Commission has decided not to implement the requested Coinbase rule and will use every bureaucratic tool in its arsenal to prevent judicial review until the court allows it.”

Coinbase originally filed its rule filing petition in July 2022, asking the SEC to “propose and adopt rules” to govern the crypto market, including potential rules to clearly outline which digital assets fall under the definition of securities.

After the SEC did not respond, Coinbase filed a petition for mandamus nine months later, to compel the court to give the SEC a “yes or no” answer.

Related: Coinbase spot trading volume down 52% compared to 2022: report

However, the SEC has repeatedly challenged Coinbase's need to comply with the requirements and has fired back at the SEC to deny Coinbase's mandamus petition.

In mid-June, the SEC asked the court for 120 days to respond to the court's petition. Such a timeline suggests the agency could have an answer by late October or early November.

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