Coinbase, a preferred crypto change, has filed a lawsuit in opposition to the Securities and Trade Fee (SEC) as a result of they need the SEC to share their reply to a petition from July 2022.
The petition requested if the SEC would regulate digital belongings, like cryptocurrencies, utilizing the present SEC frameworks. Nevertheless, the SEC has not publicly responded to the petition but, and within the meantime, they’ve been rising their enforcement actions and warnings in opposition to crypto exchanges, together with Coinbase.
Coinbase’s chief authorized officer, Paul Grewal, mentioned that the SEC has not shared its determination on their petition to control digital belongings. They filed a lawsuit to power the SEC to share its determination. The SEC has taken actions in opposition to a number of crypto exchanges and people accused of manipulating crypto belongings since January.
That is Coinbase’s first transfer in opposition to the regulator, after being warned by the SEC of pending authorized motion. Grewal mentioned that regulatory readability is required for the trade, as Coinbase and different crypto corporations are going through potential regulatory enforcement actions with out realizing how the SEC believes the regulation applies to their enterprise.