Coinbase Appeals SEC's Denial of Rulemaking Petition

The appeal seeks to compel the SEC to establish clearer regulations for the crypto industry, arguing the denial violates the Administrative Procedure Act.

• Coinbase has appealed the SEC's denial of its rulemaking petition, seeking to establish clearer regulations for the crypto industry.
• The SEC denied Coinbase's petition in December 2023, arguing that digital assets already fall under existing rules.
• Coinbase argues that the SEC's refusal to engage in rulemaking violates the Administrative Procedure Act and hinders the industry's ability to comply with regulations.
• The ongoing legal battle includes a separate case where the SEC sued Coinbase for operating as an unregistered broker, exchange, and clearing agency.
• A decision from the Third Circuit Court of Appeals on Coinbase's appeal is not expected until late 2024 or 2025.

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