Provide Regulatory Clarity for Crypto or Face Litigation, Coinbase Tells SEC

April 26, 2023

MCP News Free

Provide Regulatory Clarity for Crypto or Face Litigation, Coinbase Tells SEC

Key Point

Coinbase may sue the US financial regulators soon

Once more, Coinbase has asked the US financial watchdog to provide clarity on the rules and regulations guiding the operations of the crypto industry in the US after filing a narrow action on Tuesday asking SEC to respond ‘yes or no’ to its 2022 petition.

In July 2022, Coinbase petitioned the US Securities and Exchange Commission to use its rulemaking process to provide rules for which crypto firms to operate in the US are to abide by, since the release of the petition, over 1,700 individuals and entities have submitted comments on it, and despite this, the SEC is yet to respond to the petition.

“From the SEC’s public statements and enforcement activity in the crypto industry, it seems like the SEC has already made up its mind to deny our petition. But they haven’t told the public yet,” Coinbase wrote in a blog post.

According to the post, the Administrative Procedure Act (“the APA”) requires that the financial regulators respond to Coinbase’s petition “within a reasonable time,” if SEC continues to be stubborn, Coinbase will be left with no choice but to drag SEC to court.

Coinbase Chief Brian Armstrong has always been vocal about the need for the SEC to provide clear rules to guide the crypto industry in the US, recently, he said the exchange may consider leaving the US market if SEC refused to change how crypto firms are treated in the US.

In case you’re tired of feeling like a lost sheep in trading cryptocurrency, well, you can hit your way here, join MyParadiseFamilyVIP and get a personal crypto trading expert to walk you around the galaxy of trading on Binance, Kucoin, and Bybit exchanges today, therefore, use PRO20% for your special 20% discount code, meanwhile, you need to hurry, as this code expires very soon, in fact, shorter than the life cycle of Sarlacc pit. Click here to see reviews from our clients.

Join our telegram channels where we share our FREE updates and analysis on coins like BTC, ETH, and other trending altcoins. We also share our FREE secret insights, and also FREE market updates.