Clash

Circuit

Gary

Coinbase has formally submitted its closing brief to the Third Circuit, seeking to overturn the SEC’s rejection of its rulemaking petition. This legal filing is part of an ongoing dispute between the cryptocurrency exchange and the regulatory body over clarity and fairness in digital asset governance. 
The tension between Coinbase and the SEC intensified following the commission’s dismissal of Coinbase’s plea for more explicit regulations. Paul Grewal, Coinbase’s Chief Legal Officer, communicated via an X post that this case pivots on a critical, conclusory statement within the SEC’s denial.&nbsp; 
He argues that the SEC’s decision lacked substantial reasoning, which forms the basis of Coinbase’s appeal for the order’s vacation. 
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 Today we filed our closing brief in the Third Circuit challenging the SEC’s denial of our rulemaking petition. At the core of this case is a single, conclusory sentence in the SEC order under review. That sentence—which “disagree[d]” that SEC rules are unworkable for digital…— paulgrewal.eth (@iampaulgrewal) <a href="https://twitter.com/iampaulgrewal/status/1796524110023114817?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 31, 2024</a>
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Moreover, Coinbase’s legal arguments emphasize the necessity for Congress-approved jurisdiction and unambiguous rules before the SEC can extend its regulatory reach over new industries like cryptocurrency.&nbsp; 
The exchange argues that such measures are essential to foster innovation and growth within the U.S. digital assets market. SEC Chairman Gary Gensler maintains that digital assets fall under existing regulations, a stance that Coinbase and others in the industry challenge, calling for regulatory specifics that align with cryptocurrencies’ unique aspects. 
As the Third Circuit reviews this brief, the outcome will likely influence Coinbase and the broader landscape of digital asset regulation. This case highlights the need for a regulatory framework that balances innovation with investor protection. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/05/25/coinbase-and-sec-clash-over-investment-contract-definition/" target="_blank" rel="noreferrer noopener">Coinbase and SEC Clash Over Investment Contract Definition</a> 
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Coinbase Submits Closing Brief in SEC Rulemaking Clash

The Crypto Times

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