Crypto exchange Coinbase sues SEC over rulemaking petition

Variety
25-04-2023 | 07:40
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Crypto exchange Coinbase sues SEC over rulemaking petition
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Crypto exchange Coinbase sues SEC over rulemaking petition

Coinbase has filed a petition to compel the US Securities and Exchange Commission to respond to a months-old petition that asks whether the securities regulator would allow the industry to be regulated using existing SEC frameworks, the exchange firm said on Monday, escalating its tensions with the regulator that has ramped up enforcement actions and warnings against crypto firms, including the American giant.

In the July 2022 petition, Coinbase asked whether the SEC would “propose and adopt rules to govern the regulation of securities that are offered and traded via digitally native methods.” The SEC never responded to the petition.

“The rulemaking process exists so that agencies can develop regulation with the benefit of public input, and have their position tested through judicial review. To date, more than 1,700 entities and individuals have submitted comments to Coinbase’s petition echoing the request for clarity,” Coinbase chief legal officer Paul Grewal wrote in a blog post.
 

Coinbase

SEC

Crypto

Exchange

Sues

Over

Rulemaking

Petition

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