In response to a legal plea from Nasdaq-listed cryptocurrency exchange, Coinbase, for clear cryptocurrency regulation, the U.S. Securities and Exchange Commission (SEC) has indicated that establishing such rules could take years, and in the meantime, it will continue its enforcement actions.
Documents filed in court on May 15 reveal that the SEC believes it’s not required to meet Coinbase’s demands, which the commission views as a complicated and expedited request for regulatory reforms.
The SEC has requested the court to reject Coinbase’s petition for mandamus, characterizing it as an “extraordinary remedy” for which Coinbase has no established right.
Coinbase’s Chief Legal Officer, Paul Grewal, noted on Twitter the filing may be the first instance of the SEC openly discussing its stance on whether it should establish cryptocurrency regulations.
In the filing, the regulator distanced itself from comments made by its Chair Gary Gensler, pointing out Gensler’s public statements do not constitute formal guidance or policy.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/may/16/
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