Coinbase Sues the SEC

Here&#x27;s the Petition for Mandamus: <a href="https:&#x2F;&#x2F;assets.ctfassets.net&#x2F;c5bd0wqjc7v0&#x2F;5PWsXaPsqQ61gA9wlFWKEX&#x2F;d1d3a27d35687082565770589ef9a3ac&#x2F;Coinbase_-_Mandamus_Petition__TO_FILE_.pdf" rel="nofollow">https:&#x2F;&#x2F;assets.ctfassets.net&#x2F;c5bd0wqjc7v0&#x2F;5PWsXaPsqQ61gA9wlF...</a> [PDF]<p>Key quote:<p><i>Coinbase brings this mandamus action to seek modest, but meaningful and time-sensitive, relief: a writ requiring the Securities and Exchange Commission (SEC or Commission) to act on Coinbase’s pending rulemaking petition to provide clarity for the crypto industry. Coinbase does not ask the Court to instruct the agency how to respond. It simply requests that the Court order the SEC to respond at all. The Commission has repeatedly demonstrated that its mind is made up to deny the petition. But the Commission’s delay in formally announcing that decision has enabled it to improperly delay judicial review at a critical moment for the industry.</i><p>(As an aside, I consider it journalistic malpractice to publish a news story about a court filing without including a link to the filing itself.)

I see we&#x27;re still dancing this same stupid dance. Step 1: Invent something that looks exactly identical to something that is regulated. Step 2: Claim it should be regulated differently. Step 3: Act like the victim when the SEC doesn&#x27;t play your dumb game.<p>This whole thing has been silly, coinbase has been making this disingenuous argument for years now that they want &quot;regulatory clarity&quot; around crypto, but when that clarity turns out to be &quot;We already have rules maybe you should follow them&quot; they act all surprised. At the end of the day it&#x27;s very simple, crypto that complies with the law isn&#x27;t really a thing anyone needs.

Can someone comment on whether or not this is a reasonable thing for them to do? What is the potential good outcome or bad outcome?