Coinbase responded to SEC's response

FYI, for this following the Coinbase suit against SEC, their response has been filed. In the theme of DYOR, it is available here: https://www.courtlistener.com/docket/67273468/27/in-re-coinbase-inc/

The TL;DR of its argument is "SEC have made up their mind not to issue rules, so you have to force them to make rules".

In my opinion, this is not especially strong when you are going after a writ of mandamus on an agency with statutory discretionary powers. There's a lot of precedent requiring actual evidence of egregious conduct over an extended period of time (as in multiple years), not in mere months, and a presumption of effective deliberative process.

So I've been maintaining that the demand is pretty weak.

Apparently Coinbase thinks so too, because the really interesting part is in the conclusion at the bottom.

Alternatively, the Court should retain jurisdiction and order the SEC to explain its delay to date, state when it will respond, and provide progress reports to the Court.

This is exactly what we have been suggesting the matter represents: a preemptive strike against SEC's Wells Notice. It would essentially force all actions between SEC and Coinbase to come before this judge and really throw a stick in the spokes.

All in all, I suspect this will get tossed, but stranger things have happened.

Do your own research, be careful of headlines. This is going to get spun up in all kinds of ways.