SEC to Coinbase: No need for new crypto regulation, enforcement actions will continue

- The U.S. Securities and Exchange Commission has responded to Coinbase’s petition for mandamus, saying new regulation is unnecessary and asking the court to reject the petition.

In documents filed with the court on May 15, the SEC stated that the court should not grant Coinbase’s petition for mandamus, and that the SEC is not obligated to fulfill the demands Coinbase outlined in its 2022 petition. “Mandamus is an extraordinary remedy—one that requires the petitioner to show a clear and indisputable right to relief,” the SEC said in their reply. “Coinbase does not and cannot demonstrate such a right.” The SEC argued that no applicable laws or regulations impose “an obligation to issue the broad new regulations regarding ‘digital assets’ Coinbase has requested,” nor are they required to do so on a specific timeline.

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