Coinbase: The SEC Has Ignored a Court Order

Paul Grewal, Coinbase’s General Counsel, has commented on the SEC’s response to the platform’s debate about regulatory clarity in the July 2022 case, calling it “beyond unusual” for a government to ignore a direct question from a federal court.

On April 25, Coinbase filed its first legal complaint, and then, a month later, sent a second in the Mandamus format – an order to an official or other person to perform actions that he is required by law.

After the SEC labeled the company’s claims as “unfounded”, Coinbase lawyers decided to take this step.

In a letter on June 17, the representatives of the platform emphasized that the Commission is not answering “direct questions”, despite being ordered to resolve the “clear inconsistency” between the agency’s stance and its other statements and actions. On June 13, the Commission asked the court for another 120 days to reply to Coinbase’s petition.