Coinbase has criticized the Securities and Exchange Commission (SEC) for dodging its rulemaking petition as part of an ongoing lawsuit against the regulator.

On June 13, the SEC informed the court that it had not yet decided on a course of action on this petition, and should not impose a specific deadline for responses or an obligation to file periodic reports as requested by plaintiffs. added.

Coinbase urged the SEC to issue regulatory guidance for the digital asset industry in July 2022, which in part led to the agency’s lawsuit by the exchange. April After failing to respond.

recently, letter Coinbase’s legal team reiterated earlier allegations that the SEC refused to clarify regulations while demanding compliance with non-existent rules.

Coinbase could involve the agency in rulemaking, citing SEC Chairman Gary Gensler who said “the rules and regulations are already clear” days after the agency sued Coinbase He argued that a power of attorney was required to force the agency to do so. to run.

On June 6, the SEC sued Coinbase for violating several securities laws, including operating as an unregistered exchange.

Pointing to inconsistencies in the SEC’s approach, Coinbase said in its June 13 filing that it had not yet decided on a rulemaking policy, contradicting Gensler’s statement above.

“When asked by this court to address the apparent discrepancies between its position on the litigation and its actions and statements elsewhere, the SEC has yet to give a clear answer, instead repeating the point. .”

Further criticism was directed at the authorities’ failure to address overlaps between enforcement action against Coinbase and the exchange’s legal petition for clearer rules.

“The SEC’s view that an agency can pursue both enforcement and rulemaking ignores the unprecedented nature of its actions here.”

Refusing to provide rules defining cryptocurrencies and a path to registration, and instead enacting them into law through enforcement, Coinbase said, is not a “legal alternative.”

For these reasons, the Court sought grant of the Power of Attorney motion.

A post criticizing Coinbase for evading an SEC rulemaking petition first appeared on CryptoSlate.

By Jules

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