- Coinbase launches a scathing attack on the SEC, accusing it of evasiveness.
- Paul Grewal criticizes the SEC’s response to a federal court order.
- Grewal calls for immediate action through the granting of mandamus.
Coinbase, one of the leading crypto exchanges in the United States, has unleashed a scathing attack on the U.S. Securities and Exchange Commission (SEC), accusing the regulatory body of evasiveness, deliberate harm to the industry, and defying a direct question from a federal court.
In a series of tweets, Paul Grewal, the Chief Legal Officer of Coinbase, expressed his dissatisfaction with the SEC’s response to a recent federal court order. Grewal highlighted the unusual nature of the government defying a direct question from a federal court and criticized the SEC’s evasive response.
Grewal emphasized that Coinbase could not wait until its deadline to address the SEC’s response, as it had severe implications for the industry. He argued that the SEC’s refusal to grant Coinbase’s rulemaking petition and its lack of clarity on the additional time needed to act on the petition demonstrated a deliberate attempt to harm the industry.
Seeking immediate action, Grewal called for the court to grant mandamus, a judicial remedy that would compel the SEC to take action. The senior lawyer proposed that the court order the SEC to provide a report on its activities within 60 days, not merely an anticipated staff recommendation.
Grewal emphasized the importance of transparency and timely decision-making, urging the court to decide the mandamus petition promptly if the SEC failed to act within the specified timeframe.
Expressing gratitude for the court’s careful consideration thus far, Grewal underscored the need for the SEC to address Coinbase’s concerns and provide clarity to the industry. The tweets reflect Coinbase’s ongoing efforts to navigate the legal landscape and promptly seek resolution with the SEC.
Recall that the SEC early this month, the SEC filed high-profile lawsuits against Coinbase for offering alleged unregistered tokens.
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