Coinbase files action against SEC

Coinbase filed ineligible enactment connected April 24 to compel the U.S. Securities and Exchange Commission (SEC) to respond to its earlier rulemaking request.

Coinbase asks for an answer

In July 2022, Coinbase produced a petition that asked the SEC to usage its rulemaking process to make guidance for companies successful the crypto industry.

The existent filing does not compel the SEC to comply with the petition. Rather, if the filing is successful, it volition compel the SEC to judge oregon cull the petition.

Coinbase said that the SEC is required to respond to petitions wrong a tenable magnitude of time. It suggested that the SEC has apt decided to cull its petition but said that the regulator had not made immoderate nationalist connection connected the issue.

The existent filing is indirectly related to a Wells notice that Coinbase received from the SEC successful March. That announcement is simply a motion that the SEC could soon record charges against Coinbase, and Coinbase plans to combat the SEC successful tribunal if it decides to advance.

According to Coinbase, the SEC indispensable marque a connection connected the substance successful bid for members of the nationalist (or Coinbase itself) to situation definite SEC policies. As such, Coinbase needs the SEC to reply its petition, adjacent if the reply is “no.”

Coinbase met with SEC, Congress

Coinbase CEO Brian Armstrong separately tweeted that helium and his unit met with the SEC. helium said that Coinbase volition “continue pushing for a wide regularisation book.”

Armstrong and his unit besides met with Members of Congress anterior to that assignment successful bid to sermon related regulatory issues, including SEC overreach.

Coinbase is 1 of galore crypto firms that person precocious been targeted by the SEC; others see Kraken, Bittrex, and Ripple. Last week, House Republicans criticized SEC seat Gary Gensler for his agency’s harsh attraction of the cryptocurrency industry.

The station Coinbase files enactment against SEC appeared archetypal connected CryptoSlate.