Crypto chaos: SEC refuses to respond to requests

The SEC responded with a sharp denial to Coinbase's requests. There is no rush to adopt clear rules in the cryptocurrency world.
The SEC has finally responded to Coinbase's request for information regarding the current state of regulation in the bitcoin and cryptocurrency world. This response came after a court order ordered the agency responsible for regulating markets in the U.S. to respond to the cryptocurrency exchange's requests within 10 days.
However, the response provided by the SEC was considered by many, including Coinbase and various independent commentators, to be vague and without a clear direction for future regulation of the cryptocurrency industry.
The hopes of those who had hoped, if not for real guidelines, at least for direction for the coming months and years between the Gary Gensler-led agency and major players in the U.S. cryptocurrency world have been dashed.

The SEC answers vaguely, "There's no rush."

It is necessary to step back a few months, just in time for Coinbase's request for information. The cryptocurrency exchange resorted to a tool typical of the common law system to get a response from federal agencies and government agencies in general.
The request concerned whether or not the SEC intended to regulate the sector. But the answer, which was received yesterday, was not forthcoming: the SEC challenged the legality of the Exchange's request.

Request challenged

The SEC challenged the request for clarification through mandamus on the grounds that Coinbase would not have a right to compensation, which is the basis of its availability. In addition, again, according to the SEC, there would be no maximum time limit within which the agency would have to respond, and therefore the court-imposed obligation would have been challenged under current law.

Absence of rules challenged

Also with respect to the lack of rules challenged by Coinbase, the SEC made several arguments in its response, beginning with the unwarranted action to regulate through enforcement, language still peculiar to American law that points to those cases where agencies act not through regulation but through lawsuits against industry operators, thereby setting precedents that must be subsequently met.