Coinbase Takes Legal Action to Seek Regulatory Clarity from SEC for Crypto Industry

Apr 25, 2023

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Coinbase has taken legal action to the Securities and Exchange Commission (SEC) to provide for the crypto industry by responding to its pending rulemaking petition. The petition was filed in July 2022, and to date, the SEC has not provided a response. Coinbase is seeking clarity for the crypto industry through the formal rulemaking process, which allows agencies to develop regulations with public input and have their position tested through judicial review.

The Legal Action and Its Purpose

The action filed by Coinbase in federal court is a narrow one, seeking a yes or no response from the SEC to the rulemaking petition. If the SEC says no, Coinbase can challenge that decision in court and explain why rulemaking is necessary. The Administrative Procedure Act (APA) requires the SEC to respond to Coinbase’s rulemaking petition within a reasonable time. Coinbase believes that regulatory clarity is long overdue for the crypto industry and that the rulemaking process is a critical step to giving the public notice about what activities they can and cannot engage in.

The SEC is required by law to respond to petitions “within a reasonable time,” but they have not yet responded to our petition from last July, which is why we filed our action in court today. 2/4

— paulgrewal.eth (@iampaulgrewal)

The Need for Regulatory Clarity

Coinbase and other crypto companies are facing potential regulatory enforcement actions from the SEC without knowing how the SEC believes the law applies to their business. The lack of clarity could negatively impact American competitiveness and national security. Coinbase believes it has an obligation to its industry, customers, shareholders, and employees to seek regulatory clarity in the US. Coinbase is not asking the court to instruct the agency on how to respond, only to order the SEC to respond, as legally obligated.

Conclusion

Coinbase’s legal action to compel the SEC to provide guidance for the crypto industry is a crucial step to bring regulatory clarity. Coinbase believes that the lack of clarity has led to disjointed regulation-by-enforcement, which could negatively impact American competitiveness and national security. Coinbase’s legal action seeks to compel basic rulemaking through the formal process to give the public notice about what activities they can and cannot engage in. The company remains available to the SEC and all regulators for dialogue on these issues.

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Todd Lyndon
I am a junior copywriter, my main field is the crypto world and the real use case of the blockchains. I am also an expert of the NFTs and addicted to F2P games, also I am a game developer. My dream is to try all Blockchain games at the release.