SEC Denies Regulations Request, Citing Existing Applicability To Crypto
In a recent development, the US Securities and Exchange Commission (SEC) has denied Coinbase’s request for new regulations surrounding the use of digital assets. The SEC chairman, Gary Gensler, explained that existing securities laws already apply to cryptocurrencies, citing the Howey Test. Gensler also emphasized the SEC’s active involvement in regulating the crypto securities market through rulemaking and the importance of maintaining the Commission’s discretion in setting priorities.
Coinbase Challenges SEC’s Denial, Files Petition For Judicial Review
Not satisfied with the SEC’s decision, Coinbase has filed a petition for judicial review in court. The exchange’s Chief Legal Officer, Paul Grewal, expressed disappointment with the rejection and stated that Coinbase will seek legal recourse after waiting 18 months for a response. The petition argues that the SEC’s denial of Coinbase’s rulemaking request was unjustified and seeks an assessment of this decision from the US Court of Appeals for the Third Circuit. Coinbase is currently facing another legal battle with the SEC on charges of operating as an unregistered securities exchange, broker, and clearing agency.
Hot Take: Coinbase Fights Back Against SEC’s Denial
Coinbase is not backing down in its fight against the SEC. After having its request for new regulations denied, the exchange has taken legal action by filing a petition for judicial review. This move challenges the SEC’s decision and aims to seek justice through a thorough assessment of their denial. With ongoing legal battles and increasing regulatory scrutiny, Coinbase is determined to protect its interests and advocate for clearer guidelines in the crypto industry.
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