SEC asks court to reject Coinbase petition on crypto rulemaking

The Securities and Exchange Commission requested an appeals court to reject a petition filed by Coinbase Global ( NASDAQ: COIN ) regarding rulemaking for the cryptocurrency industry as there are no deadlines requiring it to take action on it. The crypto exchange can't claim any "cognizable harm" from the fact that the SEC has not acted on the petition, the regulator added. Last month, Coinbase ( COIN ) sought to compel the SEC to respond with a "yes" or "no" to its July 2022 petition asking the regulator to provide guidance for the crypto industry. The SEC told the court that while Coinbase ( COIN ) expected a response to its petition in less than a year, the regulator has earlier taken up to 5-10 years to respond to similar petitions. "Mere months have passed since Coinbase's petition was filed and even less time has elapsed since it supplemented the record," the SEC said in its response . "Coinbase does not really claim to be harmed by the 10 months that elapsed since it filed its petition." The SEC said the complexity of Coinbase's ( COIN ) proposal "undermines its request for accelerated relief." It also rejected claims by Coinbase ( COIN ) that recent enforcement actions indicate that the SEC has decided not to engage in rulemaking. Shares -4.1% in midday trade. More on Coinbase Coinbase: Diversifying Revenue, Well Positioned For Next Bull Market Coinbase CEO says exchange will always have U.S. presence Coinbase drives higher after Q1 earnings beat on cost controls Here Are The Big Problems Dogging Coinbase (Aside From SEC)