The post Big Defeat for SEC’s Gensler: Coinbase Secures Partial Win appeared first on Coinpedia Fintech News
In a major legal development, the U.S. Securities and Exchange Commission (SEC), led by Gary Gensler, has suffered a setback in its ongoing battle with Coinbase. This marks another loss for the SEC, following a string of defeats in recent crypto-related cases.
Court Rebukes SEC’s Actions
Coinbase has won its petition for a writ of mandamus at the Third Circuit Court of Appeals, which rebuked the SEC for denying its request for clearer rules regarding the regulation of digital assets. The court found the SEC’s order insufficiently reasoned and arbitrary, stating that it was “conclusory” and “capricious.” This ruling forces the SEC to reconsider its stance and provide a more thorough explanation for its refusal to create specific rules governing crypto regulations.
Paul Grewal, Chief Legal Officer at Coinbase, took to Twitter to celebrate the victory, st
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