The petition, from last July, asked that the SEC "propose and adopt rules to govern the regulation of securities that are offered and traded via digitally native methods".

The SEC did not provide a public response but has since taken a tougher stance on the crypto sector, taking action against several firms and sending a Wells Notice to Coinbase itself in connection with the exchange’s listing of potential unregistered securities.

In recent days Coinbase CEO Brian Armstrong has expressed his frustration with the regulatory regime and publicly flirted with the idea of moving the firm’s headquarters out of the US.

Now, Coinbase has filed an action to "compel the SEC to respond yes or no to our July 2022 petition asking the SEC to use its formal rulemaking process to provide guidance for the crypto industry," says chief legal officer Paul Grewal in a blog.

Continues Grewal: "From the SEC’s public statements and enforcement activity in the crypto industry, it seems like the SEC has already made up its mind to deny our petition. But they haven’t told the public yet. So the action Coinbase filed today simply asks the court to ask the SEC to share its decision."