• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Challenging SEC: Coinbase's Legal Battle for Regulatory Clarity

user avatar

by Giorgi Kostiuk

a year ago


Challenging SEC: Coinbase's Legal Battle for Regulatory Clarity

Coinbase, a prominent player in the cryptocurrency exchange arena, has taken a significant legal step by submitting a closing brief in the Third Circuit challenging the SEC's rejection of its rulemaking petition.

The conflict between Coinbase and the SEC commenced when Coinbase lodged a petition asking for explicit and consistent regulatory directives for the cryptocurrency sector. Coinbase's contention is rooted in the belief that the absence of well-defined regulations engenders uncertainty and obstructs the advancement and creativity of digital assets in the United States. Despite Coinbase's entreaty, the SEC dismissed the petition, compelling Coinbase to pursue legal recourse.

In a recent update, Paul Grewal, Coinbase's chief legal officer, shed light on the latest development in the legal confrontation through a post on X. Grewal succinctly outlined the crucial filing without delving into specifics.

Grewal's focus centers on a critical sentence in the scrutinized SEC order. This sentence, which opposed the notion that SEC regulations are unsuitable for digital asset entities, lacked a logical basis, prompting Coinbase to question the rationale behind the decision.

In its closing submission, Coinbase underscores the necessity of overturning the SEC's order on the basis of this fundamental discrepancy. Coinbase argues that the SEC cannot lay claim to extensive control over an emerging sector without explicit authorization from Congress and without formulating unambiguous regulations.

In contrast to Coinbase's stance, the SEC maintains that digital assets are subject to prevailing regulations, a standpoint championed by SEC Chairman Gary Gensler. Nevertheless, Coinbase and other industry stakeholders advocate for a clearer comprehension of how existing securities laws can be extended to encompass the digital asset domain.

Coinbase's brief alleges that the SEC is attempting to suppress the digital asset sector by withholding the essential regulations requested by the industry to alleviate the pressures it faces.

As the Third Circuit deliberates on Coinbase's closing brief, the cryptocurrency community eagerly awaits the verdict. The decision holds profound implications not only for Coinbase but for the wider digital asset ecosystem. This juncture emphasizes the critical need for a transparent regulatory framework that nurtures innovation while shielding investors.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

Predictions for XRP and the Rise of New Token Remittix

chest

Analyzing fresh forecasts for XRP and the emergence of Remittix token in the PayFi landscape.

user avatarGiorgi Kostiuk

WazirX Provides Details on Proposed Legal Arrangement Amid Community Frustrations

chest

WazirX shares updates on its legal process in Singapore and user frustrations over lack of resolutions.

user avatarGiorgi Kostiuk

Copyleft Licenses: Vitalik Buterin on Safeguarding Open Source

chest

Ethereum founder Vitalik Buterin advocates for copyleft licenses to maintain open collaboration in the crypto industry.

user avatarGiorgi Kostiuk

SharpLink Gaming's Plan: $425 Million Ethereum Treasury

chest

SharpLink Gaming has announced a treasury strategy reserving $425 million in Ethereum, potentially altering crypto asset perceptions.

user avatarGiorgi Kostiuk

Graphite Protocol Token Market Cap Hits $1.2 Billion

chest

The market cap of Graphite Protocol token reached $1.2 billion, with a 22.2% price increase in 24 hours.

user avatarGiorgi Kostiuk

Garlinghouse Testifies: The Need for Clear Rules in Cryptocurrency

chest

Ripple CEO Brad Garlinghouse will testify before the U.S. Senate, addressing the urgent need for clear regulations in the crypto market.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.