Coinbase, a major cryptocurrency exchange, went to federal court on Monday to challenge the Securities and Exchange Commission (SEC) regarding the agency's denial of Coinbase's petition for rulemaking. Coinbase argues that the SEC has failed to provide clear guidelines for actors in the digital asset space, despite urging companies to register. The SEC countered by asserting that Coinbase cannot consider itself above the law and that the existing framework applies to digital assets. This legal battle between Coinbase and the SEC is ongoing and separate from another lawsuit filed by the SEC against Coinbase in 2023, alleging that the exchange operated as an unregistered broker, exchange, and clearing agency. In this ongoing case, the SEC claims that 13 cryptocurrencies listed on Coinbase are securities.



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