), Coinbase has moved a federal court seeking a writ of mandamus. The rarely invoked legal maneuver is essentially an official request for a court to command a party to perform its statutory duties.
In the given context, Coinbase's strategy employs a writ to press the SEC into adopting clear regulations for cryptocurrencies. This audacious move suggests a last-ditch effort, as obtaining a writ of mandamus typically involves overcoming great legal hurdles.The SEC countered by asserting that cryptocurrency regulation does not fall within its jurisdiction. The commission stated,"The securities laws do not obligate the Commission to adopt rules such as those proposed by Coinbase.
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