Coinbase Appeals SEC’s Denial of Rulemaking Petition
Coinbase is taking action to ensure adequate legislation on cryptocurrency used as securities. After the United States Securities and Exchange Commission (SEC) denied Coinbase’s petition for rulemaking, the crypto exchange immediately appealed the decision.
The U.S. Third District Court of Appeals has ordered the SEC to file the record of its decision by Jan. 24, 2024, in response to Coinbase’s appeal.
Coinbase Challenges SEC’s Denial
In its appeal, Coinbase argued that the SEC’s denial was arbitrary and capricious, an abuse of discretion, and contrary to law. The exchange accused the SEC of engaging in regulation by enforcement against Coinbase and others, which exceeds its statutory authority.
The SEC criticized Coinbase’s petition for lacking a proposed rule and disagreed with its claim that existing regulations were unworkable. The denial received backlash from the crypto community.
Hot Take: Coinbase Fights for Regulatory Clarity
Coinbase’s appeal against the SEC’s denial highlights its commitment to obtaining clear regulations for cryptocurrencies used as securities. By challenging the SEC’s decision, Coinbase aims to ensure fairness and establish a transparent framework for the industry.
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