Coinbase files legal challenge to push SEC to write rules on crypto
颁辞颈苍产补蝉别听Global Inc. filed a petition on Monday in an effort to compel the US听厂别肠urities and Exchange Commission to create new听谤耻濒别蝉听for digital assets, the company said in a blog post, in the latest escalation of the听肠谤测辫迟辞currency exchange鈥檚 tensions with the听蝉别肠urities regulator.
颁辞颈苍产补蝉别听filed a petition for rulemaking with the听厂贰颁听last year in which it urged the regulator to provide clarity on the circumstances under which a digital asset is a听蝉别肠urity and create a new market structure framework that is compatible with听肠谤测辫迟辞currencies.
The听厂贰颁听has not responded publicly to that petition, which led to聽颁辞颈苍产补蝉别听filing the听濒别驳补濒听challenge, said聽颁辞颈苍产补蝉别听Chief听尝别驳补濒听Officer Paul Grewal聽.
“颁辞颈苍产补蝉别听and other听肠谤测辫迟辞聽companies are facing potential regulatory enforcement actions from the听厂贰颁, even though we have not been told how the听厂贰颁听believes the law applies to our business,” said Grewal.
The petition will be filed in the US Court of Appeals for the Third Circuit.
The听肠谤测辫迟辞聽industry largely believes it operates in a regulatory gray area not governed by existing US听蝉别肠urities laws, and that new legislation is needed to regulate the听蝉别肠tor.
厂贰颁听Chair Gary Gensler has said听肠谤测辫迟辞currency firms should comply with existing laws and that new听肠谤测辫迟辞-specific regulations are not necessary.
颁辞颈苍产补蝉别听聽the firm had been told that听厂贰颁听staff intended to recommend enforcement action against the company. The company said in a blog post at the time that it was willing to fight any forthcoming enforcement action in court.
In July, when聽颁辞颈苍产补蝉别听also submitted its petition for rulemaking, the firm disclosed an听厂贰颁听probe into its asset listing processes, staking programs and yield-generating products. – Reuters
