UPDATE: Coinbase V SEC Heats Up As Coinbase Goes On The Offensive

By Vince • December 16, 2023 11:43 am • Comments

Coinbase has now gone on the offensive in its ongoing legal battle with the Securities and Exchange Commission (SEC).

The popular centralized exchange is now suing the SEC after the agency denied its petition for clear rule-making that would set an industry standard and allow Coinbase to operate.

Instead, the SEC has chosen the path of regulatory opacity, keeping the entire nascent crypto industry in the dark.

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This new piece of litigation from Coinbase alleges that the Securities and Exchange Commission violated the Administrative Procedure Act and abdicated its duties as a regulator, instead choosing to act as a legal predator and engage in endless lawsuits against crypto firms.

Chief Legal Officer at Coinbase Paul Grewal announced on Friday: “Today the SEC denied Coinbase’s petition for rules for crypto. After 18 months of silence, we went to court to get the response the law requires. With appreciation for the Third Circuit, later today we’ll again seek its help by challenging the SEC’s abdication of its duty.”

Cryptopolitan explained:

This move by Coinbase represents a broader frustration within the crypto sector over the lack of specific regulations tailored to the unique aspects of digital assets. For two years, the industry has been vocal about its need for clarity, yet it continues to face a regulatory approach focused more on enforcement than guidance.

Ran Neuner stated: “I love how the SEC protects US investors by not allowing them to buy $BONK until the Coinbase listing that marks the absolute top and then they get dumped on by all the other countries that don’t have an SEC to protect investors. If I were American I would be livid. (And I would probably use a VPN.)”

Forbes provided this short and trite statement from SEC head Gary Gensler:

“not every crypto asset is necessarily offered and sold as a security.”

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