The US Securities and Exchange Commission (SEC) has filed a countermotion against Coinbase’s rulemaking petition for the crypto industry. In a brief submitted on May 10, the US regulator argues against Coinbase’s request stating there is no need for creating a regulatory framework for crypto assets in place of existing US securities laws.
Coinbase Rulemaking Request Without Cause – SEC
In July 2021, Coinbase filed a request with the SEC demanding they conduct rulemaking to establish a new set of regulations to guide the use and operations of cryptocurrencies. The SEC denied this request stating that the existing securities laws were sufficient for the crypto markets among other reasons.
This action prompted the American exchange to file a petition with the US Third Court of Appeals seeking an order that forces the Commission to undertake the requested rulemaking. In response, the US regulators have approached the US court stating there are no current conditions th
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