Coinbase is stepping up its efforts to obtain a clear stance from the U.S. Securities and Exchange Commission (SEC) on the application of securities laws to digital assets. Paul Grewal, the Chief Legal Officer of Coinbase, has addressed his followers on social media, revealing the crypto exchange’s demand for the SEC to provide a comprehensive response within a 30-day window.

Grewal expressed dissatisfaction with the SEC’s prior vague update on the issue and accentuated the need for a substantive and timely response. Coinbase has submitted its response to the Third Circuit, labeling the SEC’s prior update as an insufficient bureaucratic gesture. The exchange is now seeking an official order compelling the SEC to act on its rulemaking petition within a specified timeframe.

Coinbase’s contention with the SEC stems from the regulatory body’s initiation of an enforcement action against the exchange. The SEC took this step without offering clarity on how its enforced laws pertain to cryptocurrencies, according to Coinbase. The exchange has lamented the SEC’s inaction on its petition for rulemaking clarity for over a year, accentuating an enforcement action that occurred under the nebulous legal framework.

The ongoing scenario portrays the digital asset industry ensnared in a regulatory paradox. The SEC insists on registration from digital asset entities and has initiated lawsuits for non-compliance. However, the regulatory body has yet to establish clear rules outlining the scenarios warranting registration and the procedural steps to attain it.

The SEC had previously obtained a delay when called upon to elucidate its stance on this matter in June. Grewal criticized the regulatory agency for allegedly presenting misleading arguments, implying that no new determinations have been made on cryptocurrency regulations.

This renewed push from Coinbase underscores the crypto industry’s growing impatience and demand for concrete regulatory guidelines to navigate the complex landscape of digital assets within the legal confines of securities laws.