US SEC Going Ripple Way Against Coinbase?

Ripple News: The U.S. Securities and Exchange Commission has been criticized by crypto firms for its enforcement and unclear regulations. In the latest move, SEC responded to Coinbase Global Inc (NASDAQ: COIN) petition for a writ of mandamus mentioning that rulemaking may take years and they’re in no rush. It is expected that the commission here using the same tactics it used against Ripple Labs.

Also Read: Ripple In Lead As US SEC Holds Bad Win Record On Howey Test?

Is SEC Still Unclear Regarding Regulation?

Paul Grewal, Chief Legal Officer at Coinbase highlighted that the commission accepted that it will continue to utilize enforcement actions in order to make rules around crypto. However, US SEC advised that the public statements by Chair Gensler cannot be taken as formal guidance or policy statements from the commission.

The US SEC’s reply to Coinbase’s longstanding petition suggests that the commission is still unclear about what may be considered within or outside its jurisdiction.

Experts suggest that the US SEC here trying to get away by implying a delay tactic, the same it used in Lawsuit against Ripple. The Commission here clearly refused to answer whether it will or will not grant Coinbase’s request.

Also Read: Ripple Exec Bids For EU’s MiCA Amid US SEC Crackdown; Ripple Moving Out?

US SEC cited several case laws where courts denied relief to petitioners in cases where authorities waited for years to take action against petitions. The commission has already landed arguments like it fully has the right to wait for years to decide whether to grant the petition.

This intends that the commission will get away with the delay tactics, While long awaited court decision on the US SEC Vs Ripple lawsuit continues to loom critically important. However, the commission is still intending to sue the crypto company, and that too without providing any new rules.