“From the SEC’s public statements and enforcement activity in the crypto industry, it seems like the SEC has already made up its mind to deny our petition. But they haven’t told the public yet. So the action Coinbase filed today simply asks the court to ask the SEC to share its decision,” the company’s chief legal officer Paul Grewal wrote in a blog post about the filing. The suit filed by Coinbase is a writ of mandamus, a type of lawsuit for “exceptional circumstances” in which a court can force federal officials to act. If the SEC declines to make a new rule, Coinbase can file another lawsuit in an attempt to make a federal court force them to do so.
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