Coinbase has criticised the regulator in the ongoing legal dispute between Coinbase and the US securities regulator, for refusing to respond to inquiries made at the US Court of Appeals.
Attorneys of the cryptocurrency exchange criticised the Securities Exchange Commission in a letter sent to the courtroom on June 17 for staying silent about Coinbase’s rulemaking appeal, which asks the SEC to create a legal framework for digital currencies.
Moreover, the letter from Coinbase stated that the SEC “still offers no straight answers and instead repeats its talking points when asked by this Court to clarify the evident disparity between its legal stance and its conduct and statements everywhere.”
The note was written in response to the SEC’s request, made on June 13th, for an extra 120 days to respond to Coinbase’s regulatory complaint.
According to Coinbase, the SEC is anxious about updating the Court on its judgement and “bristles even at being asked to inform the Court on its status.”
The organisation asserted that the cryptocurrency industry is still feeling the effects of the SEC’s neglect, protracted delays and regulatory proceedings.
Apart from this, SEC chair Gary Gensler “maintains to bring charges well down the path to permanently harming a U.S. publicly traded company and a whole industry.”
In a series of tweets on June 17, Paul Grewal, the attorney in charge of Coinbase, claimed that it is “unusual for government agencies to ignore an inquiry from a federal court.”
Grewal stated that since the SEC denied Coinbase’s petition, he is hopeful the court would issue a letter of mandamus, which is a court order directing a government employee to carry out their legal obligations.
As an alternative, Coinbase is asking the court to impose a limit of 60 days or fewer, beginning on June 13, the date of the SEC’s petition.
The SEC filed a lawsuit against Coinbase on June 6 in a distinct matter, claiming the trading platform violated several securities laws, most notably by allegedly providing digital currencies that the agency views as unregistered securities.
