In July, Coinbase filed a petition with the Securities and Exchange Commission, imploring the agency to engage in rulemaking for the sector. Eight months later, after not receiving a response, Coinbase filed a challenge in federal court to compel the SEC to respond to its petition.
The U.S.-based crypto company has been embroiled in conflict with the SEC, which on March 22 sent Coinbase a Wells Notice, or a document that informs a firm it's facing imminent legal action. Chief legal officer Paul Grewal said at the time that Coinbase would challenge any lawsuits in court.
