The Coinbase team sued the US SEC body for rejecting its petition for clearer cryptocurrency regulations.
Coinbase is a US-based Nasdaq-listed American crypto exchange which is known for its highly compliance crypto services across the US. After the Binance crypto exchange, Coinbase is the top crypto market leader. Over the past couple of years, the Coinbase team contributed hugely to force the US regulators to provide clarity on the crypto rules.
Nearly 18 months ago, the Coinbase representative lawyers filed a petition in the court to get clarity on the rules, used by the United States Securities and Exchange Commission (SEC) to regulate the crypto sector.
The SEC body failed to give any response on this matter, so in response, the Coinbase team sued the SEC body for avoiding the filed petition.
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On 15 Dec 2023, Coinbase chief legal officer Paul Grewal informed the crypto community about Coinbase’s legal action against the SEC body.
Today the SEC denied Coinbase’s petition for rules for crypto. After 18 months of silence, we went to court to get the response the law requires. With appreciation for the Third Circuit, later today we'll again seek its help by challenging the SEC’s abdication of its duty.
pic.twitter.com/tFjiW53eF7
— paulgrewal.eth (@iampaulgrewal) December 15, 2023
Furthermore, Grewal noted that the US regulators claimed that there was no need for new rules or laws for this sector.
Grewal dragged attention toward a statement of the SEC chairman Gary Gensler during Congressional testimony where Gensler admitted that there were no regulatory authorities applicable to the cryptocurrency exchanges.
Coinbase legal officer also noted that recently the Commodities Futures Trading Commission (CFTC) also showed a somewhat SEC chairman like statement.
With the latest legal action, Coinbase aims to push the US lawmakers to create rules & laws for this sector under a collaborative approach.
Following this lawsuit action, the trade price of Coinbase (COIN) stock crashed 3.73%, from $151.92 to $146.
Coinbase VS SEC
The legal battle between the Coinbase & the SEC body has been active for a long time. This year the legal fight between Coinbase & SEC became intense in March when the SEC body sent a Wells notice to the Exchange for providing unregistered securities offerings.
Later in June, the SEC body sued the Coinbase exchange for offering unregistered securities offerings and running an unregistered national securities exchange.
Later in an interview, Coinbase CEO Brian Armstrong disclosed that he received an order from the SEC body to delist the majority of the crypto assets from the exchange, just before the suit, but the exchange denied to follow such orders because the SEC body failed to provide the reason/clarity behind the violation of rules & laws.
Read also: Wikipedia co-founder criticizes Bitcoin badly
Coinbase sues the top crypto hater US regulator “SEC”
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