Yesterday, the U.S. Securities and Exchange Commission rejected Coinbase’s request for rulemaking. The SEC emphasized that there are already adequate regulations in the market. Coinbase CEO Brian Armstrong had an interesting reaction to the SEC’s refusal to create more transparent rules for crypto.
Brian Armstrong: Nice win for crypto!
cryptokoin.comAs you follow from , SEC Chairman Gary Gensler explained the reasoning behind the rejection. Gensler said existing securities laws already apply to the crypto securities market. Additionally, Gensler cited two Supreme Court cases to support his claim that existing securities laws also apply to crypto assets. Reacting to this, Coinbase CEO Brian Armstrong called the SEC’s refusal to create more transparent rules for crypto a “nice little win” for the industry.
According to Armstrong, Coinbase successfully forced the securities regulator to respond to its petition for crypto-specific rules. Armstrong also took a different look at the SEC’s refusal to provide more transparent rules for crypto. He also said that the leading US trading firm would challenge the response in court. “The real question is: Why does the SEC not want to clarify outstanding regulatory questions for the crypto industry?” asked. Based on this, Armstrong made the following statement:
Nice little win. We went to court to challenge the SEC’s refusal to establish clear rules for the industry, and it worked (the court forced them to respond). Now that they have officially answered (with a no!) we can challenge their answer in court. This helps us take a step forward…
SEC on Coinbase crypto regulationto filed a lawsuit
Meanwhile, Coinbase has filed a lawsuit against the securities regulator in the Third Circuit. In this regard, he objected to the commission’s denial of the rulemaking petition. Coinbase’s Chief Legal Officer Paul Grewal shared the development in a tweet yesterday.
Coinbase’s latest lawsuit against the SEC adds to the list of legal battles between the parties. The SEC accused Coinbase of operating an unregistered securities exchange in June. It also claims that Coinbase enables the trading of crypto assets that are considered securities. Among these cryptocurrencies, there are also large-scale coins such as ADA, SOL and MATIC. As expected, Coinbase denied the SEC’s allegations. In October, the exchange filed its final motion to dismiss (MTD) the case. Arguing that the crypto assets listed on its platform do not constitute securities, the exchange added that the regulator does not have the authority to regulate the emerging market. The court has not yet made a decision on the matter. Additionally, legal analysts predict that the decision will be announced next year.
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