COINBASE DEMANDS COURT ORDER SEC’s HAND ON CRYPTO RULES PETITION
Cryptocurrency exchange Coinbase is ramping up pressure on the SEC to accept or reject its petition for crypto asset regulation formally.Coinbase wants a court order mandating an SEC response within 30 days.
This follows vague comments from the SEC on October 12th that staff gave an undisclosed recommendation on the petition to agency leadership. Coinbase slammed the non-update in a legal filing and on Twitter, demanding the opaque bureaucracy give way to clarity.The petition, originally filed in July 2022, asks the SEC to propose rules outlining which digital assets are securities. This would provide much-needed regulatory guidance to the crypto industry.
This showdown comes as the SEC faces growing pressure to provide rules of the road for crypto. The agency relies on decades-old statutes to determine securities status on a case-by-case basis.Many critics argue this leaves innovators in limbo about how to comply. Some legal experts warn that regulatory foot-dragging risks are stunting beneficial developments in digital assets.