The crypto exchange says the SEC wants to enforce regulations that do not exist.

Coinbase, a a publicly traded cryptocurrency exchange, has filed a lawsuit against the US Securities and Exchange Commission (SEC) requesting that it publicize its response to a petition filed by Coinbase in July 2022.

The petition urged the SEC to propose and adopt rules to govern the regulation of securities traded via digitally native methods, Coinbase said on its blog. 

The exchange claims that the SEC has been silent on the petition and wants the regulator to inform the public of its response. 

This move by Coinbase comes just a month after the SEC warned the exchange that securities charges may be pending, putting it at risk of enforcement action.

Coinbase argues that regulatory clarity is overdue for the crypto industry and that uncertainty has locked exchanges and regulators in a stalemate.

Coinbase's chief legal officer, Paul Grewal, said in the blog post that the action filed simply asks the US Court of Appeals to request the SEC to share its decision. Coinbase is taking the SEC's litigation threats seriously, but says that it has not been told how the SEC believes the law applies to its business.