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Coinbase Challenges SEC: Judges Question the Regulator's Crypto Rulemaking Denial

Author: Content Editor
The US Court of Appeals for the Third Circuit expressed concerns over the Securities and Exchange Commission's (SEC) denial of a rulemaking petition by Coinbase. Coinbase, the largest crypto exchange in the US, has criticized the SEC for the lack of clear rules for the industry. Coinbase had filed a petition asking the SEC to create specific rules for crypto assets to clarify the regulatory framework for securities on digital platforms. The SEC denied the request in December 2023, prompting Coinbase to seek judicial intervention. The court's judges expressed skepticism about the SEC's brief denial and questioned the lack of clear guidance for the crypto industry. The SEC defended its denial, citing other priorities and ongoing regulatory efforts, and maintained that existing regulations are adequate. Coinbase and other crypto companies have faced lawsuits from the SEC, with Coinbase fighting these charges separately.

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