Coinbase files action against SEC seeking clarity on crypto regulations


What is CryptoSlate Alpha?

A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›

Connect via Access Protocol

Access Protocol is a web3 monetization paywall. When users stake ACS, they can access paywalled content. Learn more ›

Disclaimer: By choosing to lock your ACS tokens with CryptoSlate, you accept and recognize that you will be bound by the terms and conditions of your third-party digital wallet provider, as well as any applicable terms and conditions of the Access Foundation. CryptoSlate shall have no responsibility or liability with regard to the provision, access, use, locking, security, integrity, value, or legal status of your ACS Tokens or your digital wallet, including any losses associated with your ACS tokens. It is solely your responsibility to assume the risks associated with locking your ACS tokens with CryptoSlate. For more information, visit our terms page.

Earn Interest on Your Crypto. Paid Out Daily!

Start Earning

Coinbase aims to force the SEC to express its decision on a 2022 petition — a prerequisite for the company to challenge certain SEC policies in court.

How To Get Free Crypto  

Cover art/illustration via CryptoSlate

Coinbase filed legal action on April 24 to compel the U.S. Securities and Exchange Commission (SEC) to respond to its earlier rulemaking request.

Coinbase asks for an answer

In July 2022, Coinbase produced a petition that asked the SEC to use its rulemaking process to develop guidance for companies in the crypto industry.

The current filing does not compel the SEC to comply with the petition. Rather, if the filing is successful, it will compel the SEC to accept or reject the petition.

Coinbase said that the SEC is required to respond to petitions within a reasonable amount of time. It suggested that the SEC has likely decided to reject its request but said that the regulator had not made any public statement on the issue.

Coinbase Banner  

The current filing is indirectly related to a Wells notice that Coinbase received from the SEC in March. That notice is a sign that the SEC could soon file charges against Coinbase, and Coinbase plans to fight the SEC in court if it decides to advance.

According to Coinbase, the SEC must make a statement on the matter in order for members of the public (or Coinbase itself) to challenge certain SEC policies. As such, Coinbase needs the SEC to answer its petition, even if the answer is “no.”

Coinbase met with SEC, Congress

Coinbase CEO Brian Armstrong separately tweeted that he and his staff met with the SEC. he said that Coinbase will “continue pushing for a clear rule book.”

Armstrong and his staff also met with Members of Congress prior to that appointment in order to discuss related regulatory issues, including SEC overreach.

FreeBitcoin Banner  

Coinbase is one of many crypto firms that have recently been targeted by the SEC; others include Kraken, Bittrex, and Ripple. Last week, House Republicans criticized SEC chair Gary Gensler for his agency’s harsh treatment of the cryptocurrency industry.

Latest Report

Net Liquidity: A comprehensive look at a vital financial metric

CryptoSlate dives deep into net liquidity, the actual amount of money available in the economy, to determine its effects on the market.

Andjela Radmilac · 3 days ago

Coinbase CEO says leaving the US for UK is ‘on the table’

A16z hints at blockchain product by imitating Coinbase’s ‘blue dot’ campaign

Get a Daily Summary of Crypto News, Insights and Market Data Straight to Your Inbox.

Cheers! You’re subscribed to CryptoSlate.

Please add [email protected]” to your email whitelist.

Don’t show this message again

Go to Source
Author: Mike Dalton

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.