SEC won’t give into Coinbase demands, says it wants the impossible
The Securities and Exchange Commission (SEC) has replied to crypto exchange Coinbase’s petition that demanded it outline and adopt new regulations on crypto and digital tokens. In its petition, initially submitted in July of last year, Coinbase argued that most of the tokens traded on its platform shouldn’t be defined as securities. It also wants the SEC to define what tokens are classified as such. The SEC didn’t immediately reply to the petition, instead sending Coinbase a Wells notice urging it to comply with existing law on its various offerings and services including its staking services and the Coinbase Earn program. Eventually, Coinbase sued the SEC requesting that the federal appellate court in Philadelphia issue a mandamus . A mandamus is an uncommon legal mechanism whereby, in certain circumstances, a public entity is required to take a particular action in line with its statutory mandate. Coinbase claps back at SEC proposal, chief exec targets Gary G...