Coinbase, the largest US exchange, accused the SEC of imposing arbitrary rules instead of regulating the cryptocurrency market.
Coinbase requested new rules for the cryptocurrency industry, but SEC previously this He turned down the request. coinbase officials18 months of waiting He then stated that they had to go to court.
Coinbase then filed a petition of objection to the Court of Appeals on March 11, stating that the US Securities and Exchange Commission (SEC) did not proceed with the rule-making process and did not explain why they rejected the rule-making petition. Administrative Procedures He said he violated the law.
Coinbase under accusation SEC’s pleasure And you are acting capricious he stated.
Coinbase stated the following in its statement:
The SEC lacks the legal authority to extend the current securities regime to digital assets. But if the agency insists on moving forward without congressional authority, that decision must be made and implemented through prospective rulemaking.
Paul Grewal, Coinbase’s Chief Legal Officer, commented on the issue in his post on Twitter: in the statements found. Grewal stated that there was no reason for the SEC to reject the case. The institution cannot establish legal authority over digital assets. he stated.