Coinbase SEC Legal Action

Coinbase Fights for Clear Crypto Regulations, Files Legal Action Against SEC

CryptocurrencyNewsRegulation
··1 min read

Coinbase has filed an action in federal court to compel the US Securities and Exchange Commission (SEC) to respond to its July 2022 petition regarding the regulation of the crypto industry.

Coinbase had requested the SEC to provide clarity by using its formal rulemaking process, which allows agencies to develop regulations with public input and undergo judicial review. Over 1,700 entities and individuals have submitted comments to support Coinbase’s petition.

The Administrative Procedure Act requires the SEC to respond to Coinbase’s petition “within a reasonable time.” However, Chief Legal Officer at Coinbase, Paul Grewal, noted that the SEC has not responded to Coinbase’s request. Grewal said the company believes that the agency has already made up its mind to deny the petition.

Coinbase noted that regulatory clarity is crucial for the crypto industry, and it will continue to take every step available to seek it. It also said that the government’s disjointed regulation-by-enforcement approach could negatively impact American competitiveness and national security.

The action Coinbase filed today is a small but important part of our multi-year, continual plea to leaders in Washington for clear rules of the road. We recognize that rules are needed. We’ve asked for rules to be developed. Our decision to move forward with today’s legal challenge is our attempt to compel basic rulemaking. It shouldn’t have come this – but it has, and we will see it through to its conclusion. 

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