Coinbase has announced that it is suing the SEC (Securities and Exchange Commission) in the USA after it previously asked the SEC for guidance related to cryptocurrency and also launched a rulemaking petition.
Coinbase had previously asked the SEC whether it would allow for the cryptocurrency industry to be regulated by the current SEC frameworks that are used for financial institutions, they have not received a response for the original petition which was filed last year.
Today Coinbase filed a narrow action in federal court to compel the SEC to respond yes or no to our July 2022 petition asking the SEC to use its formal rulemaking process to provide guidance for the crypto industry. 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.
We believe we have an obligation to our industry, our customers, our shareholders, and our employees to leave no stone unturned when it comes to seeking regulatory clarity in the US. The action Coinbase filed today is a small but important part of our multi-year, continual plea to leaders in Washington for clear rules of the road.
You can find out more details about Coinbase suing the SEC over the lack of response to its petition over at the Coinbase website at the link below, it will be interesting to see what the outcome is.
Source , TechCrunch
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