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SEC responded to Coinbase regarding the current state of regulation in the world of Bitcoin and cryptocurrencies. The response came following a judicial order that obliged the agency responsible for market regulation in the United States to respond to requests from the cryptocurrency exchange within a 10-day period.
The request concerned the SEC's intentions to regulate or not the sector. SEC which contested the regularity of the exchange's request. The SEC contested the request for clarification via mandamus, as there would not be a right of compensation in favor of Coinbase, which is the basis of the possibility of accessing this tool.
According to the SEC, there is no maximum time within which the agency should respond and therefore the obligation imposed by the courts is to be challenged according to current laws.
SEC Rejects Answer to Coinbase!
The SEC also added that Gary Gensler's public statements are not agency policy statements and that the public should not take them as such.
Overall, the SEC's response reinforces Coinbase's long-standing concerns about a lack of clarity in industry and what the SEC might deem in scope at any given time. And in all likelihood will continue to change mind along the way.
SEC and the crypto industry are in a kind of war, which will in all likelihood be at the center of the next political clashes between Republicans and Democrats. Republican politicians are determined to avoid what they have repeatedly declared to be a Administrative State.
SEC said creating rules could take years and that there is no rush. The SEC also confirmed that it will continue to use its enforcement actions as a substitute for rulemaking for the foreseeable future and not to worry, because those rules will perhaps inform rulemaking that is not yet planned.
The SEC also added that Gary Gensler's public statements are not agency policy statements and that the public should not take them as such. Coinbase is a digital assets exchange company headquartered in San Francisco, California and founded in June 2012 by Brian Armstrong and Fred Ehrsam.
It trades Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC) and other digital assets for fiat currencies in 32 countries. and with Bitcoin and deposit transactions in 190 countries. Since April 14, 2021, Coinbase has been listed on the Nasdaq, becoming a public company.
