Circuit

U.S. Securities and Exchange Commission’s (SEC) <a href="https://news.todayq.com/crypto-market-braces-itself-ahead-of-these-key-events/" target="_blank" rel="noreferrer noopener">active legal drive</a> against the top crypto linked firms and key players has hindered the growth of the digital asset market. However, the commission always has been targeted for its unclear guidance and new rules for the industry. Ripple legal chief on Howey test 
Stuart Alderoty, Chief Legal Officer at Ripple in a recent post criticized the SEC’s handling of crypto rulemaking. Alderoty highlighted the delay in decision-making by drawing parallels with the “Howey” case that took less than two years for the Supreme Court to decide on stipulated facts. 
Ripple legal head expressed frustration at the <a href="https://news.todayq.com/sec-denies-petition-for-rulemaking-filed-by-coinbase/" target="_blank" rel="noreferrer noopener">SEC’s refusal</a> to engage in crypto rulemaking. He even laballed it as “political gamesmanship” with the industry and the courts. 
Coinbase Chief Legal Officer Paul Grewal in a fresh post mentioned the need for fair representation and support for innovation in the crypto industry. Grewal called for electing representatives who understand the importance of crypto in America’s future. 
He announced a major donation of $78 million contributed by 20 leading crypto companies and individuals. This is done to support bipartisan and crypto-friendly candidates in the 2024 elections. The donors include influential entities like Andreessen Horowitz, Coinbase, Ripple, Kraken, and notable individuals like Brian Armstrong and the Winklevoss twins. Coinbase files petition 
Earlier, Paul Grewal announced that Coinbase has filed a petition with the Third Circuit to challenge the SEC’s denial of its petition for crypto rulemaking. He stressed their commitment to challenging the commission’s decision. He referred to it as an “arbitrary and capricious denial.”&nbsp; 
The petition argues that the Commission’s denial is arbitrary, capricious, an abuse of discretion, and contrary to law, violating the Administrative Procedure Act (APA). Coinbase contends that the SEC’s refusal to engage in rulemaking while pursuing a campaign of “regulation by enforcement” exceeds its statutory authority and contradicts principles of fairness embodied in the APA. 
Coinbase’s legal action comes after a prolonged process that involved filing a petition for a writ of mandamus in June 2023 to compel the SEC to respond to the rulemaking petition. The court retained jurisdiction, directing the SEC to report on the petition’s status. 
The SEC, on October 11, 2023, reported that its staff had made a recommendation to the Commission. However, on December 15, 2023, the Commission issued an order denying Coinbase’s rulemaking petition, leading to the current legal challenge. 
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Ripple, Coinbase push back on SEC over Crypto rules

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