Coinbase continues push to compel SEC to act on crypto rulemaking petition
Coinbase has doubled down on its push for a court order compelling the U.S. Securities and Exchange Commission to act on the firm’s crypto rulemaking petition.
Coinbase wants a mandamus issued within 30 days to compel the SEC to give an official answer on whether it will accept or deny the petition.
The SEC submitted a long-awaited status update on Oct. 12, vaguely stating that “commission staff provided a recommendation” to the SEC over Coinbase’s petition, but did not divulge any further details.
In an Oct. 13 X post, Coinbase’s Chief Legal Officer Paul Grewal slammed the SEC for dragging its heels, as he called for a mandamus to force the SEC into adequately outlining its intentions.
We’ve filed our response with the Third Circuit. Tl;dr: the SEC’s unilluminating “update” is mere bureaucratic pantomime and confirms that nothing short of mandamus will prompt the agency to take its obligations seriously. 1/3 https://t.co/DC1o8EflcH
— paulgrewal.eth (@iampaulgrewal) October 14, 2023
Grewal also shared Coinbase’s response to the SEC update that it filed with the Court of Appeals for the Third Circuit.
“The SEC’s unilluminating report is mere bureaucratic pantomime and confirms that nothing short of mandamus will prompt the agency to take its obligations seriously. It took more than a year and an order from this Court to elicit even a staff-level recommendation,” the response reads, adding that:
“The Commission has resolved not to conduct the rulemaking Coinbase requested, and it will exploit every bureaucratic artifice in its arsenal to forestall judicial review so long as the Court allows it.”
Coinbase initially filed the rulemaking petition in July 2022, requesting the SEC to “propose and adopt rules” to govern the crypto market, including potential rules to clearly outline which digital assets fall under the definition of securities.
After the SEC failed to respond, Coinbase filed a petition for mandamus nine months later, seeking the court to compel the SEC to give a “yes or no” answer.
Related: Coinbase spot trading volume falls by 52% compared to 2022: Report
However, the SEC has fired back on multiple occasions, refuting the need to meet Coinbase’s requirements while also asking the court to deny Coinbase’s petition for mandamus.
In mid June, the SEC then asked the court for an additional 120 days to respond to the rulemaking petition. Such a timeline suggests that the agency may have an answer by the end of October or early November.
Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in
Politics
Starmer says decision to increase defence spending was ‘accelerated’ by Trump taking office
Sir Keir Starmer has admitted his decision to increase defence spending was “accelerated” by Donald Trump taking office.
The prime minister said today’s announcement was “three years in the making” after Russia invaded Ukraine – but a “very changed context” pushed him forward.
Politics Live: PM warns ‘everything has changed’ after announcing defence spending boost
In a surprise Commons statement on Tuesday morning, Sir Keir said defence spending will increase to 2.5% of GDP by 2027, funded by a cut in the foreign aid budget.
While this honours a Labour manifesto commitment, ministers have previously been tight-lipped about when the new target would be reached – with today’s decision coming ahead of a meeting between Sir Keir and Mr Trump in Washington on Thursday.
Asked by Sky News political editor Beth Rigby if Mr Trump had “bounced” him into setting out a timeline, given he has long called for European countries to boost defence spending, the prime minister said: “I think in our heart of hearts, we’ve all known that this decision has been coming for three years, since the beginning of the conflict in Ukraine.
“The last few weeks have accelerated my thinking on when we needed to make this announcement.”
Analysis: Starmer has put Britain on a war footing ahead of key Trump meeting
However, he denied Mr Trump was effectively setting UK government policy, saying the defence spending increase is “very much my decision” and he has been “arguing for some time” that Europe and the UK “needed to do more”.
He said talks of “possible peace” and what that would mean for Europe’s security – with the potential for UK peacekeeping troops to be put on the ground – “has brought our response into sharp focus”.
“I have pushed our system to move this date forward because I think it’s vital that we take the decision now, that we rise to the occasion and we show the leadership that’s needed across Europe, in response to a very changed context,” he said.
Sir Keir Starmer
The UK currently spends 2.3% of GDP on defence, with the jump to 2.5% meaning £13.4bn more will be spent annually on defence from 2027.
Sir Keir said he wants that figure to reach 3% of gross domestic product during the next parliament, but that would depend on Labour winning the next election.
Farage ‘fawning over Putin’
Asked if he is “Nigel Farage is disguise”, given the Reform UK leader has previously vowed to increase defence spending but cut the foreign aid budget, Sir Keir said: “Nigel Farage didn’t even turn up to the debate in parliament today. Nigel Farage is fawning over Putin. That’s not patriotism.
“What I’ve done is take the duty of the prime minister seriously, which is to ensure that our citizens are safe and secure.”
Nigel Farage addresses the Conservative Political Action Conference in Maryland Pic: Reuters
Mr Farage has previously faced criticism for saying the West provoked Russia’s invasion of Ukraine with NATO and the EU’s expansions, and for saying he admired Vladimir Putin as a statesman.
Sir Keir’s announcement comes as Europe reels from a shift in US foreign policy, with the White House making clear it is no longer prepared to bankroll the defence of other NATO members.
Last week also saw an exchange of words between Mr Trump and Ukrainian President Volodymyr Zelenskyy, after officials from Washington and Moscow held peace talks without anyone from Kyiv or Europe present.
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Ukraine war three years on
‘Desertion of leadership’
Sir Keir announced the government would cut back on foreign aid to fund the increase, reducing current spending from 0.5% of GDP to 0.3% – in a move that has angered some charities.
Conservative leader Kemi Badenoch welcomed the measure and said she had written to the prime minister over the weekend to suggest how he could redirect money from the overseas development budget.
But former Tory defence secretary Ben Wallace said an extra 0.2% was “a staggering desertion of leadership”.
“Tone deaf to dangers of the world and demands of the United States,” he wrote on X.
“Such a weak commitment to our security and nation puts us all at risk.”
The platform called the move a “huge win for DeFi” after reports have suggested the SEC may be radically changing its approach to crypto enforcement in 2025.
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