Coinbase Seeks Clarity on Cryptocurrency Regulations: Files Motion to Compel SEC to Take Action
Coinbase, one of the largest cryptocurrency exchanges in the US, has filed a motion in court to seek regulatory clarity on digital assets from the US Securities and Exchange Commission (SEC). Coinbase submitted a petition for rulemaking in July 2020 to request guidance for the crypto industry, but is yet to receive a response. Paul Grewal, chief legal officer at Coinbase, notes that the SEC’s public comments and enforcement actions indicate that the regulator has already decided to deny the petition, but has yet to publicly announce its decision. Grewal argues that it is crucial for the SEC to respond to the petition so that Coinbase can challenge the decision in court if required. Last month, the SEC sent a Wells Notice to Coinbase, indicating that the regulator may file an enforcement action against the exchange for violating securities laws.
Clever Robot News Desk 27th April 2023