Coinbase filed a lawsuit against the Securities and Exchange Commission, or SEC, on Monday. It asked regulators to publicly answer whether they would allow the crypto industry to be regulated using the existing SEC framework.
The July 2022 petition asked the SEC to “propose and adopt regulations to regulate securities offered and traded through digital means,” referring to digital assets such as cryptocurrencies.
The SEC did not offer any public response to Coinbase’s petition, but in recent months has stepped up enforcement actions and strong warnings against crypto exchanges, including Coinbase.
“Based on the SEC’s public statements and law enforcement in the crypto industry, it appears that the SEC has decided to reject our petition. But they haven’t told the public yet. Therefore, the action Coinbase filed today is asking the court to ask the SEC to disclose its decision,” Coinbase Chief Legal Officer Paul Grewal said. sayin blog post
The SEC has sued exchange Bittrex, Gemini, as well as crypto lender Genesis, as well as crypto entrepreneur Justin Sun and Terraform Labs founder Do Kwon.
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