Cryptocurrency

Coinbase files action against SEC seeking clarity on crypto regulations

Coinbase sues April 24th Forces the U.S. Securities and Exchange Commission (SEC) to respond to previous rulemaking requests.

coinbase wants answers

In July 2022, Coinbase created a petition asking the SEC to use its rulemaking process to develop guidance for companies in the cryptocurrency industry.

The current filing does not compel the SEC to comply with the petition. Rather, the SEC will either accept or reject the petition if the filing is successful.

Coinbase said the SEC should respond to the petition within a reasonable amount of time. It suggested the SEC likely decided to deny the request, but said the regulator had not made an official statement on the matter.

The current filing is indirectly related to the Wells notice Coinbase received from the SEC in March. The notice indicates that the SEC may soon file charges against Coinbase, which plans to fight the SEC in court if it decides to move forward.

According to Coinbase, the SEC must issue a statement on this issue for the public (or Coinbase itself) to challenge certain SEC policies. However, the SEC must respond to the petition.

Coinbase Meets With SEC, Congress

Coinbase CEO Brian Armstrong Tweet individually that he and his staff met with the SEC; He said Coinbase will “continue to push for a clear rulebook.”

Armstrong and his staff also met with members of Congress prior to that appointment to discuss related regulatory issues, including SEC overreach.

Coinbase is one of many cryptocurrency companies recently targeted by the SEC. Others include Kraken, Bittrex and Ripple. Last week, House Republicans criticized SEC Chairman Gary Gensler for his harsh treatment of the crypto industry.

The post-posting action of the Coinbase files against the SEC calling for clarity on cryptocurrency regulation first appeared on CryptoSlate.

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