Coinbase Urges Court to Compel SEC Action on New Crypto Rules
Coinbase has submitted a letter to the U.S. Court of Appeals for the Third Circuit, arguing that the Securities and Exchange Commission (SEC) is deliberately delaying the process of establishing new regulations for the cryptocurrency exchange. Coinbase lawyer Eugene Scalia stated that only a court order would force the SEC to take action, as their recent update provided no additional information other than a promise for a status report by December 15. Coinbase filed a lawsuit against the SEC in April after requesting new rules specific to digital assets. The exchange also referenced a recent lawsuit against rival exchange Kraken as evidence of the SEC’s resistance to regulatory clarity.
Hot Take: Coinbase Challenges SEC’s Delay Tactics
Coinbase is taking a stand against the SEC’s perceived foot-dragging in establishing new regulations for cryptocurrencies. By submitting a letter to the court, Coinbase seeks to compel action from the regulatory body, accusing it of hedging and delaying instead of providing clarity. The exchange’s lawyer argues that only through a court order will the SEC fully acknowledge Coinbase’s petition for rulemaking, which was seemingly pocket-vetoed long ago. Furthermore, Coinbase points to the SEC’s recent lawsuit against Kraken as evidence that the regulator has already made up its mind about not needing new rules. This ongoing legal battle highlights the tension between regulators and crypto platforms seeking regulatory certainty.
By
By
By
By
By
By