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<p>The post <a href="https://coinpedia.org/news/secs-firm-stance-on-its-denial-to-coinbases-rule-making-petition/">SEC Rejects Coinbase Call for New Crypto Rules: What Next?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In a clash that could reshape the future of crypto, <a href="https://coinpedia.org/news/coinbase-charges-u-s-sec-with-legal-violations-for-dismissing-cryptocurrency-regulation-proposals/">Coinbase</a> is locking horns with the SEC. The battleground? Coinbase’s petition for new <a href="https://coinpedia.org/news/crypto-council-backs-coinbase-by-filing-amicus-brief-against-sec-over-regulatory-clarity/">crypto regulations</a>, which the SEC has flatly rejected. Coinbase argues the current rules are outdated and stifle innovation. </p> 
<p>Will they win? Dive deeper to see why this fight matters and what it means for your crypto investments.</p> 
<h2 class="wp-block-heading" id="h-it-s-a-clash-of-the-titans"><strong>It’s a Clash of the Titans!</strong></h2> 
<p>The SEC recently stated in a <a href="https://assets.ctfassets.net/sygt3q11s4a9/2gtGDHPCSQ6ljuw6rD3yHA/a1fbd5ce6b6ee8b737965a3e35cce326/SEC_CA3_brief__5-10-2024___1_.pdf">filing</a> that Coinbase’s efforts to create reasons for urgent rulemaking are pointless. SEC stands by its decades-old regulatory framework and notes that the framework continues to effectively protect investors, maintain market integrity, and facilitate capital formation. It also stated that the Commission has not changed its position regarding its authority over crypto securities, as was claimed by Coinbase.&nbsp;</p> 
<p>Undeterred by the SEC’s rebuttal, Coinbase has turned to the legal arena, seeking permission from the court to appeal. Central to Coinbase’s argument is the contention that the Howey test, designed for traditional securities, may not be applicable to digital assets—a point vehemently contested by the SEC.</p> 
<h2 class="wp-block-heading" id="h-coinbase-stuck-in-the-crosshairs"><strong>Coinbase Stuck in the Crosshairs </strong></h2> 
<p>The SEC also argued that Coinbase was trying to create a new legal test for how crypto might fit into existing securities given that a district court judge had already rejected it. SEC also stressed on the point that while Coinbase’s appeal focuses on a specific legal question regarding the ‘contractual obligation’, its argument on the application of the Howey Test to crypto is completely different.&nbsp;</p> 
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   <p lang="en" dir="ltr">Today <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw">@SECGov</a> filed its response to our request to file an interlocutory appeal with the 2nd Cir. The Commission couldn't help contradicting its own arguments for the same kind of appeal in Ripple. Here's just example–compare what they said before to what they say now. 1/3 <a href="https://t.co/LkbXefV07N">pic.twitter.com/LkbXefV07N</a></p>— paulgrewal.eth (@iampaulgrewal) <a href="https://twitter.com/iampaulgrewal/status/1789033328936710636?ref_src=twsrc%5Etfw">May 10, 2024</a>
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<p>Once again, Coinbase’s Chief Legal Officer, Paul Grewal, has criticized the SEC for its inconsistency. This time, he’s highlighting the SEC’s opposition to Coinbase’s request for an Interlocutory Appeal. This comes after the SEC previously denied Coinbase’s Motion to Dismiss (MTD).</p> 
<p>The filing also stated that the Commission has carefully considered Coinbase’s petition and has reasonably determined that the requested rulemaking was not justified in light of ongoing regulatory initiatives and competing regulatory priorities. But if the Court finds that explanation insufficient, a remand, at the most would be proper and not on order compelling the SEC to undertake rulemaking.</p> 
<h2 class="wp-block-heading" id="h-awaiting-the-verdict">Awaiting the Verdict</h2> 
<p>Given the perceived SEC’s negative outlook on the crypto industry over compliance issues and its recent regulatory tussles between giant crypto players, it’s worth watching how the regulatory narrative will unfold.</p> 
<p>Also Check Out : <a href="https://coinpedia.org/news/uniswap-founder-cardanos-hoskinson-and-mark-cuban-reveals-cryptos-influence-on-the-next-u-s-presidential-elections/">Uniswap Founder, Cardano’s Hoskinson and Mark Cuban Reveals Crypto’s Influence on the Next U.S. Presidential Elections</a></p> 
<p><strong>Does the current uncertainty around regulations impact your investment decisions? Share your experience!</strong></p>

SEC Rejects Coinbase Call for New Crypto Rules: What Next?

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