Coinbase Global ( NASDAQ: COIN ) filed an action in federal court seeking to compel the Securities and Exchange Commission to respond with a "yes" or "no" to its July 2022 petition asking the regulator to use its formal rulemaking process to provide guidance for the crypto industry, the cryptocurrency exchange said late Monday. The Administrative Procedure Act requires the SEC to respond to rulemaking petitions "within a reasonable time," Coinbase Chief Legal Officer Paul Grewal said in a blog post. "If the SEC says no to our rulemaking petition, which it has the right to do, then Coinbase would be allowed to challenge that decision in court and explain in that formal setting why rulemaking is required." He contends that it appears that the SEC has already decided to deny the petition, but hasn't told the public yet. "The action Coinbase ( COIN ) filed today is a small but important part of our multi-year, continual plea to leaders in Washington for clear rules of the road," Grewal wrote . "We recognize that rules are needed." Coinbase ( COIN ) stock gained 2.1% in Tuesday premarket trading. More on Coinbase and the SEC: Coinbase suggests new crypto regulatory framework to replace SEC Coinbase tumbles on fears the SEC could do away with crypto staking Coinbase Wells Notice: What Is at 'Stake' Coinbase stock slumped after receiving a Wells notice in March
