Coin Gabbar Token

<h2 id="header-0">SEC Denies Coinbase&#39;s Petition for Clear Crypto Regulation, Stating Continued Enforcement Actions</h2><p>Coinbase&#39;s request for clear regulation of cryptocurrencies has received a formal response from the U.S. Securities and Exchange Commission (SEC) in court. In the court documents filed on May 15, the SEC made it clear that it does not consider itself obligated to meet Coinbase&#39;s requirements for rulemaking and that enforcement actions will continue to be carried out in the interim.</p><p>The SEC has urged the court to deny Coinbase&#39;s petition, arguing that mandamus, the extraordinary remedy sought by <strong><a href="https://www.coingabbar.com/en/crypto-blogs-details/what-is-the-world-biggest-crypto-exchange-coin" rel="noopener noreferrer nofollow">Coinbase</a></strong>, is not warranted as Coinbase has not demonstrated a right to relief. This stance emphasizes the SEC&#39;s firm position on the matter and its unwillingness to be compelled into rule-making for the crypto industry.</p><h3 id="coinbase-39-s-chief-legal-officer-raises-concerns-over-sec-39-s-response-as-crypto-regulation-debate-intensifies">Coinbase&#39;s Chief Legal Officer Raises Concerns over SEC&#39;s Response as Crypto Regulation Debate Intensifies</h3><p>Paul Grewal, Coinbase&#39;s chief legal officer, expressed his concerns over the SEC&#39;s response, highlighting that the regulator plans to continue overseeing the sector through regulation and enforcement actions. Grewal noted that the SEC&#39;s filing represents the first time the regulator has provided clarity on whether it believes the SEC should create rules for the crypto industry. However, he also emphasized the need for further clarification as many questions remain unanswered.</p><p>Interestingly, the <strong><a href="https://www.coingabbar.com/en/crypto-currency-news/coinbase-recruits-legal-and-political-experts-for-sec" rel="noopener noreferrer nofollow">SEC</a></strong> distanced itself from the public comments made by its chair, Gary Gensler, regarding the classification of most cryptocurrencies as securities. The SEC clarified that Gensler&#39;s statements are not to be considered formal guidance or policy statements from the regulatory agency, underscoring the importance of distinguishing between personal opinions and official SEC positions.</p><p>The SEC&#39;s argument against Coinbase&#39;s petition is based on the assertion that Coinbase has not convincingly demonstrated any harm resulting from the SEC&#39;s inaction since the initial filing. Moreover, the SEC contends that its recent enforcement actions in the crypto sector do not imply a decision to refrain from engaging in rulemaking. The agency stated that it continues to consider Coinbase&#39;s petition as part of its regular process.</p><p>Overall, Grewal argues that the SEC&#39;s response only reinforces Coinbase&#39;s long-standing concerns about the lack of clarity and consistency in the SEC&#39;s jurisdiction over the crypto industry. The response suggests that the SEC&#39;s stance may change over time, further exacerbating the industry&#39;s uncertainty and need for clear regulatory guidelines.</p>

Coinbase's Petition for Clear Crypto Rules Denied by SEC

Table of Contents

Coingabbar

Other articles published on May 17, 2023

AI Can Boost Net Margins for Companies by 4% Over a Decade: Report

Virtual Realms: A Journey into the NFT Universe

Elon Musk Takes Credit for OpenAI: ‘It Wouldn’t Exist Without Me’

TRON 101 | Interesting Use Cases of DAO (I)

Judge Denies SEC’s Motion to Seal Hinman Documents in Ripple Case

Google AI Chatbot Bard Back with a Vengeance After Blunder?

Join our free newsletter for daily crypto updates!