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

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

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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.

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