The US Securities and Exchange Commission asked a judge to deny Coinbase Global Inc.’s request to compel the agency to respond to a rule-making petition the company submitted last year focused on how securities laws apply to cryptocurrency.
Coinbase, the biggest crypto exchange in the US, sued for the order last month, claiming the commission hasn’t been reasonable or prompt in providing a response. The exchange is also seeking a formal notice-and-comment process to allow the public to weigh in.
The SEC responded in a court filing Monday, calling Coinbase’s assertion that the already made its decision “baseless.”
“Coinbase’s preference for faster or different regulatory action by the commission does not entitle it to extraordinary relief from this court,” the commission’s lawyers wrote in the filing. “The petition should be denied.”
Source: SEC Urges Judge to Reject Coinbase Demand for Rules Explanation – Bloomberg