coinbaseto the U.S. Securities and Exchange Commission (SEC) filed a lawsuit, opposing the fact that the 50-question petition he submitted in July of last year was left unanswered. With this lawsuit, legal debates on cryptocurrency market regulations have come to the fore again. Here are the details.
Leading exchange Coinbase was admitted to the SEC in July 2022 in total. He submitted a petition consisting of 50 questions, essentially demanding clarification of regulatory rules on the cryptocurrency market. The regulatory agency left this petition unanswered. The exchange is seeking a response from the SEC under its Administrative Procedure Acts, as its requests were left unanswered.
Official statement on the matter Coinbase General Counsel from Paul Grewal came:
“It appears from the SEC’s statements and sanctions that they have made up their minds not to respond or to refuse our request. But they do not announce this officially. And we ask the court to now request the SEC to explain its decision on this matter.”
Koinfinans.com As we have reported, Coinbase’s move reflects ongoing uncertainties over the regulation of the cryptocurrency market in the United States. Cryptocurrencies are not yet clearly defined by regulatory bodies such as the SEC, as they fall outside the current regulatory framework. This situation can also create uncertainty for cryptocurrency exchanges.
This lawsuit could be an important step towards regulation in the market. Enforcement of the regulations requested by Coinbase in its petition to the SEC could create a clearer legal framework for cryptocurrencies and cryptocurrency exchanges. However, a clear solution has not yet been reached on this issue, and similar lawsuits and discussions may be witnessed in the future.
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