Last Updated on April 27, 2023 by Bitfinsider
Coinbase initiated a legal and public relations conflict with its government regulator by filing a lawsuit against the Securities and Exchange Commission on Monday, acting in advance of the agency’s own move against the cryptocurrency giant.
The lawsuit, which seeks a clear answer regarding crypto rulemaking, may be the company’s best opportunity to take on the SEC and accelerate an already lengthy court battle. Or, it could be a desperate attempt to garner media attention. Regardless of opinions on the merits of the lawsuit, stakeholders view Coinbase’s latest salvo against the U.S. government as also targeting the court of public opinion in addition to the courtroom.
“This preemptive strike by Coinbase with this writ of mandamus is just another attempt to rally the mob,” said John Reed Stark, former director of the SEC’s Office of Internet Enforcement, current compliance consultant, and outspoken critic of cryptocurrencies. “They make these arguments like a bunch of children, running around with silly ideas, and they rally the mob with these silly ideas.”
The lawsuit filed by Coinbase against the SEC centres on a request for new regulations regarding digital assets. Although the company has stated that a new regulatory framework is required so that the SEC can fulfil its responsibility to supervise the digital asset securities markets, it has yet to receive a response to the July 2017 request.
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