Coinbase confronts SEC over evasion, and demands swift rulemaking for digital assets regulation.
Recently,Coinbase, a company that trades in cryptocurrencies, criticized the US Securities Exchange Commission (SEC). Coinbase is unhappy because the SEC did not answer some questions in court. These questions are important for an ongoing legal argument between Coinbase and the SEC.
On June 17, Coinbase's lawyers wrote a letter to the court. In the letter, they say the SEC is not helping to create rules for digital money like Bitcoin.
Coinbase says the SEC does not want to tell the court about any progress it has made in deciding these rules. This is causing problems in the industry of digital money.
The SEC asked the court if it could have 120 more days to answer Coinbase's questions. Coinbase wrote a letter in response to this request. In the letter, Coinbase says the SEC does not want to update the court about its work.
Paul Grewal, the top lawyer at Coinbase, is worried about the SEC's actions. He hopes the court will make the SEC do its job according to the law. He says this because the SEC did not agree with Coinbase's request.
Coinbase wants the court to tell the SEC to reply within 60 days or less. This is because the SEC filed a lawsuit against Coinbase on June 6. The lawsuit claims that Coinbase broke some rules about trading money. The SEC says Coinbase sold digital money that it should not have sold.
