According to The Block, Coinbase said in a 36-page closing statement submitted to the Third Circuit Court of Appeals on Friday that cryptocurrency companies are caught in the quagmire of "Catch-22".
Coinbase said the SEC is demanding compliance from companies while also launching “scorched earth litigation” against those companies that fail to comply and refusing to write rules. Coinbase said this pattern of behavior is a deliberate attempt to destroy an industry by demanding the impossible and suing companies that fail to meet their goals.
