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
Sir Keir Starmer has said his government stands ready to use industrial policy to “shelter British business from the storm” after Donald Trump’s new 10% tariff kicked in. The UK was among a number of countries hit with the lowest import duty rate following the president’s announcement on 2 April – which he called ‘Liberation Day’, while other nations, such as Vietnam, Cambodia and China face much higher US levies. But a global trade war will hurt the UK’s open economy. The prime minister said “these new times demand a new mentality”, after the 10% tax on British imports into America came into force on Saturday. A 25% US levy on all foreign car imports was introduced on Thursday. It comes as Jaguar Land Rover announced it would “pause” shipments to the US for a month, as firms grapple with the new taxes. On Saturday, the car manufacturer said it was working to “address the new trading terms” and was looking to “develop our mid to longer-term plans”. Please use Chrome browser for a more accessible video player Jobs fears as Jaguar halts shipments Referring to the tariffs, Sir Keir said “the immediate priority is to keep calm and fight for the best deal”. Writing in The Sunday Telegraph, he said that in the coming days “we will turbocharge plans that will improve our domestic competitiveness”, adding: “We stand ready to use industrial policy to help shelter British business from the storm.” It is believed a number of announcements could be made soon as ministers look to encourage growth. NI contribution rate for employers goes up From Sunday, the rate of employer NICs (national insurance contributions) increased from 13.8% to 15%. At the same time, firms will also pay more because the government lowered the salary threshold at which companies start paying NICs from £9,100 to £5,000. Also, the FTSE 100 of leading UK companies had its worst day of trading since the start of the pandemic on Friday, with banks among some of the firms to suffer the sharpest losses. Sir Keir said: “This week, the government will do everything necessary to protect Britain’s national interest. Because when global economic sands are shifting, our laser focus on delivering for Britain will not. And these new times demand a new mentality.” Please use Chrome browser for a more accessible video player Trump defiant despite markets UK spared highest tariff rates Some of the highest rates have been applied to “worst offender” countries including some in Southeast Asia. Imports from Cambodia will be subject to a 49% tariff, while those from Vietnam will face a 46% rate. Chinese goods will be hit with a 34% tariff. Imports from France will have a 20% tariff, the rate which has been set for European Union nations. These will come into effect on 9 April. Read more: Sir Keir has been speaking to foreign leaders on the phone over the weekend, including French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni and Australian Prime Minister Anthony Albanese, to discuss the tariff changes. A Downing Street spokesperson said of the conversation between Sir Keir and Mr Macron: “They agreed that a trade war was in nobody’s interests but nothing should be off the table and that it was important to keep business updated on developments. “The prime minister and president also shared their concerns about the global economic and security impact, particularly in Southeast Asia.” 👉 Follow Trump 100 on your podcast app 👈 Trump’s warning Mr Trump has warned Americans the tariffs “won’t be easy”, but urged them to “hang tough”. In a post on his Truth Social platform, he said: “We are bringing back jobs and businesses like never before. “Already, more than FIVE TRILLION DOLLARS OF INVESTMENT, and rising fast! “THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN. HANG TOUGH, it won’t be easy, but the end result will be historic.” Crypto-friendly billionaire investor Bill Ackman is considering the possibility that US President Donald Trump may pause the implementation of his controversial proposed tariffs on April 7. “One would have to imagine that President Donald Trump’s phone has been ringing off the hook. The practical reality is that there is insufficient time for him to make deals before the tariffs are scheduled to take effect,” Ackman, founder of Pershing Square Capital Management, said in an April 5 X post. “I would, therefore, not be surprised to wake up Monday with an announcement from the President that he was postponing the implementation of the tariffs to give him time to make deals,” Ackman added. On April 2, Trump signed an executive order establishing a 10% baseline tariff on all imports from all countries, which took effect on April 5. Harsher reciprocal tariffs on trading partners with which the US has the largest trade deficits are scheduled to kick in on April 9. Ackman — who famously said “crypto is here to stay” after the FTX collapse in November 2022 — said Trump captured the attention of the world and US trading partners, backing the tariffs as necessary after what he called an “unfair tariff regime” that hurt US workers and economy “over many decades.” Following Trump’s announcement on April 2, the US stock market shed more value during the April 4 trading session than the entire crypto market is currently worth. The fact that crypto held up better than the US stock market caught the attention of both crypto industry supporters and skeptics. Source: Cameron Winklevoss Prominent crypto voices such as BitMEX co-founder Arthur Hayes and Gemini co-founder Cameron Winklevoss also recently showed their support for Trump’s tariffs. Related: Trump tariffs squeeze already struggling Bitcoin miners — Braiins exec Ackman said a pause would be a logical move by Trump — not just to allow time for closing potential deals but also to give companies of all sizes “time to prepare for changes.” He added: “The risk of not doing so is that the massive increase in uncertainty drives the economy into a recession, potentially a severe one.” Ackman said April 7 will be “one of the more interesting days” in US economic history. Magazine: New ‘MemeStrategy’ Bitcoin firm by 9GAG, jailed CEO’s $3.5M bonus: Asia Express
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