TechFlow reported, according to The Block, that in a letter sent Wednesday to the U.S. Court of Appeals for the Third Circuit, Coinbase argued the SEC has been delaying the exchange's request to establish new rules for the crypto industry.
In the letter, Coinbase attorney Eugene Scalia stated, "Only an order from the court will compel the SEC to act." He noted that the latest update recently provided by the SEC to the court offered no further details on its progress beyond a promise to take additional action by December 15.
Coinbase filed a petition last year asking the SEC to draft new rules specifically tailored to digital assets, then sued the SEC in April this year. In June, the SEC said it would need approximately four months to respond to Coinbase's request. Meanwhile, Coinbase argued in court that the regulator's recent lawsuit against Kraken demonstrates that the agency sees no need to provide regulatory clarity.
