19.06.2023

SEC ignores court orders – Coinbase

It is strange for the authorities to ignore direct questions from the court. However, the regulator's evasive response went beyond the scope. This was announced by Paul Greval, the general counsel.

What question is it about?


Last week, representatives of the department asked the court to give an additional 120 days to respond to the petition of the crypto exchange. In it, the platform called for a response to its question, asked almost a year ago. Then the exchange asked for clarity in the regulation of the cryptocurrency industry.


At the end of April, the crypto platform filed a complaint with the court. A month passed after it, but the agency did not respond. Then a second complaint was sent. The Mandamus format has already been used for it. It is an instruction to a specific person with a requirement to perform actions. Which are his responsibility according to the legislation.


The lawyers of the crypto exchange decided to do this because of the SEC's reaction to the court complaint. Then the agency stated that it should not create new rules. At the same time, the company does not have the right to send its complaints to the court, accusing the regulator.


The site sent a new letter dated June 17 to the court again. At the same time, it states that the agency evades a direct answer. At the same time, the court demanded to remove inconsistencies between their position in court and actions in other places.

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