Coinbase Returns To Court After Request For Crypto Rulemaking Rejected By SEC.
The cryptocurrency exchange Coin base COIN
-3.7% is scheduled to appear in court again today in an attempt to compel the Securities and Exchange Commission to establish regulations that would permit it to continue operating.
The request, which was made eighteen months ago, was turned down by the regulator earlier in the day, and the company was then sued for engaging in unsanctioned securities activity.
Paul Grewal, Chief Legal Officer of Coinbase, wrote on X, the former Twitter, “After 18 months of silence, we went to court to get the response the law requires.”
“We appreciate the support of the Third Circuit and will reach out to it once more later today to contest the SEC’s dereliction of duty.” In May, Coinbase first received support from the Court of Appeals for the
The company’s shares decreased 4% in afternoon trading to $147.82, but they are still worth more than twice as much as they started this year, indicating that the cryptocurrency market is doing well following a catastrophic 2022.
SEC Chair Gary Gensler released a statement earlier in the day announcing the denial and restating the agency’s current stance on establishing particular regulations for cryptocurrency trading.
He gave three justifications for rejecting the Coinbase request: A BIT MORE FOR YOU Amid the $700 billion Bitcoin, Ethereum, XRP, and cryptocurrency price boom, Black Rock has quietly opened the door to a trillion-dollar plus Wall Street game changer.
Poster Making Ideas: Coinbase Returns To Court After 3.7% Request By Now
Solana prices have surged over 15 percent as several bullish factors have fueled gains. Border less Community and Enterprise Building is Web3’s greatest strength. Existing law is applicable.
The agency ought to be in charge of choosing how to conduct its operations.
“Not every crypto asset is necessarily offered and sold as a security,” he conceded, following a ruling from July in an SEC case against Ripple Labs regarding its XRPXRP 0.0% token.
Although Gensler stated in a February interview with New York Magazine that he regarded almost all transactions in other crypto tokens that didn’t involve the purchase of goods or services as securities deals, the SEC has also refrained from classifying bitcoin as a security.
The agency’s position against exchange-
traded funds that are based on spot bitcoin prices appears to have loosened, which contrasts with the forceful tone of Gensler’s statement. It is now widely anticipated that the agency
will permit multiple spot bitcoin funds as early as next month after a court ruling against the SEC in August in a case brought by Digital Currency Group’s Grayscale unit, which is seeking to convert its $26.6 billion BitcoinBTC 0.0% Trust to an ETF, went uncontested.
“Adopt rules to govern the regulation of securities that are offered and traded via digitally native methods, including potential rules to identify which digital assets are securities,” is what Coinbase requested the SEC to do in July 2022.
The company was sued by the regulator eleven months later for breaking securities laws.
claiming Coinbase had failed to register as a securities exchange, broker and clearing house as required by law.
As the SEC had never responded to the request for rules, Coinbase took the agency to court in April of this year. Now that the SEC has been compelled to rule on the petition, the exchange can seek to have its denial overturned.
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