Coinbase Is Suing the SEC to Establish New Crypto Rules
CryptoNewsTerminal Staff31 May, 2024
Coinbase Is Suing the SEC to Establish New Crypto Rules
Coinbase has filed a petition in the U.S. Court of Appeals for the Third Circuit to challenge the SEC's rejection of its proposal to create new rules for crypto. Coinbase Chief Legal Officer Paul Grewal said in a tweet that the SEC cannot "bootstrap its way into jurisdiction over the crypto industry without first providing proper and fair notice." The SEC has previously filed with the U.S. Court of Appeals for the Third Circuit, asking the court to dismiss Coinbase's petition. The SEC has said that it does not believe that Coinbase's proposal meets the requirements for creating new rules. Coinbase's lawsuit is the latest in a series of legal challenges to the SEC's authority over the crypto industry. The SEC has been criticized by some for being too slow to regulate crypto, while others have argued that the SEC is overstepping its authority. It is unclear how the court will rule on Coinbase's petition. However, the lawsuit is likely to add to the debate over the SEC's role in regulating the crypto industry.
