Exchange Appeals SEC’s Denial Of Rulemaking Petition

Coinbase vs SEC lawsuit has seen a renewed clash in a federal appeals court in Philadelphia, as the leading U.S. crypto exchange challenges the regulator’s refusal to establish new rules for digital assets.

The hearing marks the latest chapter in the ongoing dispute between Coinbase and the SEC, with the exchange seeking to overturn the SEC’s denial of its 2022 rulemaking petition.

Coinbase Challenges SEC’s Denial of Rulemaking Petition

In a court hearing on Monday, Coinbase urged the SEC to establish clear regulations for digital assets, arguing that existing securities laws are outdated and impractical for the crypto industry.

The exchange’s appeal centers on the SEC’s refusal to act on a 2022 petition requesting clarification on when a digital asset qualifies as a security and calling for a market structure tailored to cryptocurrencies.

The SEC denied Coinbase’s petition in December 2023, asserting that current regulations are sufficient and disagreeing with the idea that new rules are necessary. Coinbase contends that this stance has left the crypto market in regulatory uncertainty, making compliance difficult for companies operating in the U.S.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

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