After 18 months, the United States Securities and Exchange Commission (SEC) has officially denied the request for crypto rulemaking filed by Coinbase Global Inc. Rather than give up on this quest, Paul Grewal, the trading platform’s Chief Legal Officer (CLO) has confirmed the plans to appeal the response.
Coinbase Plans to Fight to the End
Taking to the X app, Paul Grewal bemoaned the move by the SEC to respond to its request for rulemaking after months of silence from the regulator. When the exchange did not get a response, it dragged the market regulator to court.
This was a last resort for the crypto trading platform and eventually, the Third Circuit Court ruled in the exchange’s favor. It compelled the SEC to grant the firm the request for regulatory clarity by providing a report on its stance as would be essential to the cause.
In the response published earlier today, the SEC denied the request on three key grounds including the fact that the “existing securities laws apply
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