Coinbase, the largest cryptocurrency exchange in the US, is taking legal action to compel the Securities and Exchange Commission (SEC) to act on its rulemaking petition. Coinbase filed a petition for a writ of mandamus in the US Court of Appeals for the Third Circuit on October 14, 2023. Coinbase argues that the SEC is obligated to act on its rulemaking petition under the Administrative Procedure Act (APA). The APA requires agencies to respond to rulemaking petitions within a reasonable time. Coinbase argues that the SEC has not provided a reasonable explanation for why it has not yet acted on its petition.