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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

SEC Responds To Coinbase Complaint: Crypto Rules May Take Years

Jake Simmons
Jake Simmons
2 years ago
2 mins read
Coinbase vs SEC

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The Securities and Exchange Commission (SEC) has responded to Coinbase’s complaint. The largest American crypto exchange had sued the SEC on April 25, demanding clarity on crypto regulation. The company filed a petition for a writ of mandamus, which requires the SEC to respond within a reasonable time.

In the filing, Coinbase asks the SEC to formally clarify “which digital assets must be registered as securities.” In addition, the court should require the SEC to answer only “yes or no” to the question of whether it will impose rules on the crypto industry.

SEC Responds To Coinbase Complaint

Late Monday night (EST), the US regulator released its response, and the answer is once again more than disillusioning for the crypto community. Paul Grewal, Coinbase’s Chief Legal Officer (CLO) wrote via Twitter that the SEC’s response is “an overwhelming maybe”.

According to him, today’s filing marks the first time the SEC may have formally stated its views on whether and how the SEC will create rules for the crypto industry in court. The SEC told the court that crypto rulemaking may take years and that it is “in no rush”.

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Furthermore, the SEC acknowledged that it will continue to use enforcement actions as a substitute for rulemaking for the foreseeable future. In this regard, Grewal ironically states, “but not to worry – those enforcement actions may eventually ‘inform’ not-yet-planned rulemaking.”

The SEC also alleges that Coinbase has no right to mandamus directing the regulator to perform certain duties:

Perhaps recognizing this, Coinbase instead asserts that this Court should compel the Commission to act on Coinbase’s recently filed rulemaking petition. But no statute or regulation requires the Commission to take such action on a specific timeline.

Further, the SEC writes in its reply brief to the court that Chairman Gensler’s public statements are not formal SEC guidance or policy statements and the public cannot rely on them as such. Grewal’s conclusion is therefore devastating:

Overall the SEC’s response reinforces Coinbase’s long standing 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.

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However, Grewal also announced in a tweet that Coinbase will take the opportunity to formally respond to the SEC’s letter next week. It remains to be seen what the next steps for Coinbase are and whether the writ of mandamus can bring anything beneficial to the crypto industry.

The entire crypto market is currently at a crucial juncture price-wise. The total market cap stands at $1.098 trillion, just above the support line at $1.081 trillion. During the last sell-off, the 200-day EMA acted as crucial support.

Crypto market cap Coinbase
Crypto total market cap, 1-day chart | Source: TOTAL on Tradingview.com
Featured image from Wccftech, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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