Crypto exchange Coinbase opposed the decision made by the US Securities and Exchange Commission (SEC).
The SEC rejected Coinbase’s request for new rules for the cryptocurrency industry. Paul Grewal, general counsel of Coinbase, made the following statement:
“The SEC rejected Coinbase’s call for new rules for cryptos. “After not getting an answer for 18 months, we went to court to get the answer required by law.”
Coinbase, the largest cryptocurrency exchange in the USA, applied for new rules for the cryptocurrency industry in 2022. The Securities and Exchange Commission rejected this application, arguing that existing securities laws also apply to cryptocurrencies.
Cryptocurrency exchange Coinbase contacted the court at night and requested that the SEC reject this claim. He questioned whether it was suitable.