Golden Finance reported that Paul Grewal, chief legal officer of Coinbase, said in a post that today we submitted closing arguments to the Third Circuit Court, challenging the SEC's rejection of our rulemaking application. The core of this case lies in an assertion in the SEC's order of rehearing. "Disagree" that the SEC's rules are not applicable to digital asset companies-this sentence does not provide any reasonable decision; it does not provide any reason at all. For this basic reason alone, the SEC's order must be revoked. Without proper authorization from Congress and without clear rules, the SEC cannot claim to have broad jurisdiction over a new industry. It is worth noting that the SEC has repeatedly stated that it does not matter whether the industry can comply with the rules. The SEC is determined to strangle the digital asset industry by the throat and refuses to provide the necessary rules requested by the industry to tighten the squeeze. We thank the Third Circuit Court for its careful consideration of this matter. At the same time, we will continue to fight for clear rules for the entire industry on every possible occasion.