The U.S. Securities and Exchange Commission (SEC) told an appeals court that cryptocurrency exchange Coinbase failed on Monday night to demonstrate that regulators needed to create a new regulatory framework for the digital asset industry. Federal regulators are asking the court to dismiss Coinbase’s petition and request additional regulatory guidance for the crypto industry. The SEC said in a statement that the SEC has not yet made any decision on the petition and continues to consider the filing.
Coinbase filed its original petition with the SEC in July 2022, asking the regulator to provide guidance on digital assets. Last month, the cryptocurrency trading platform filed a petition for an injunction with the U.S. Court of Appeals for the Third Circuit, seeking to compel regulators to respond to the petition in an escalating legal battle, and Coinbase filed its complaint against U.S. securities companies the same week. Response to Trading Commission Wells notification.
Coinbase filed its original petition with the SEC in July 2022, asking the regulator to provide guidance on digital assets. Last month, the cryptocurrency trading platform filed a petition for an injunction with the U.S. Court of Appeals for the Third Circuit, seeking to compel regulators to respond to the petition in an escalating legal battle, and Coinbase filed its complaint against U.S. securities companies the same week. Response to Trading Commission Wells notification.