Coinbase to Challenge SEC Denial of Crypto Regulation Petition
Coinbase is not backing down from its plan to seek new crypto regulation despite the SEC’s denial of its petition. Coinbase Chief Legal Officer Paul Grewal announced on X (formerly Twitter) that the company would challenge the SEC decision in court. SEC Chairman Gary Gensler supported the agency’s decision, stating that existing rules are sufficient.
Coinbase Argues for Regulatory Clarity
Coinbase has filed a court petition to challenge the SEC’s denial. Grewal emphasized that the law regarding cryptocurrencies is unclear and referred to statements made by Gensler and the CFTC Chair. He called for collaboration in creating laws and rules that benefit consumers and US innovation.
Coinbase’s Long Battle with the SEC
Coinbase has been seeking regulatory clarity from the SEC for a while now, but its requests have been met with silence and denial. The exchange previously filed a narrow action against the SEC, pushing for a definitive answer to its petition. The SEC maintained that it had no obligation to meet Coinbase’s demands.
Hot Take: Coinbase Fights for Crypto Regulation
Coinbase is determined to challenge the SEC’s denial of its petition for crypto regulation. The company believes that existing rules are not clear and argues for collaboration to establish beneficial laws. This ongoing battle highlights the need for regulatory clarity in the crypto industry.
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