Coinbase, a cryptocurrency exchange, filed a lawsuit against the  Securities and Exchange Commission (SEC) late on Monday, requesting that  a federal court order the organization to reply to its demand for more  lucid cryptocurrency legislation.

Last July, the exchange submitted what is known as a “petition for  rulemaking” to the SEC, requesting that the agency develop and approve  regulations for securities backed by digital assets. Additionally, it  sought clarification and assurance about the regulatory handling of  digital asset securities by asking 50 specific questions.

While some concerns concentrate on subjects like asset custody and  trading crypto asset securities on SEC-regulated exchanges, some of the  queries center on the SEC’s process for designating certain tokens as  securities.

Coinbase chief legal officer Paul Grewal stated that “Coinbase and other cryptocurrency companies are at risk for  regulatory enforcement actions from the SEC, even though we are not  aware of how the SEC believes the law applies to our business.”

Paul Grewal wrote in a blog post that the SEC’s lack of public response  to that petition prompted the company to file the legal challenge.