Coinbase Takes Action, Presses SEC For Yes Or No Answer On Crypto Rules


Coinbase, one of the largest cryptocurrency exchanges in the world, has taken another step to seek regulatory clarity from the US Securities and Exchange Commission (SEC). In a move that highlights the increasing tension between the crypto industry and regulators, Coinbase has filed a narrow action in federal court to compel the SEC to respond to its pending rulemaking petition.

Coinbase Demands SEC Response

The petition in question asks the SEC to provide overdue guidance for the crypto industry, which has been grappling with a lack of clear regulations for years.

How To Get Free Crypto  
Claim the JACKPOT with 55 FREE SPINS. Signup today to redeem your bonus.

Related Reading: Popular TV Host Tears Down Crypto: “It’s Still A Casino”

Coinbase, along with other industry players, has been pushing for regulatory clarity to ensure the long-term viability and growth of the crypto market.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Play Now!

In a recent blog post, Coinbase emphasized the importance of regulatory clarity for the industry. Its Chief Legal Officer Paul Grewal claimed “Clear, sensible regulation is necessary for the long-term health and growth of the crypto industry. We believe it’s time for the SEC to provide the guidance the industry has been seeking for years.”

The petition, which was submitted by Coinbase in July 2022, requested that the SEC use its formal rulemaking process to provide guidance for the crypto industry. However, to date, the SEC has not responded, leaving the industry in a state of uncertainty. Coinbase believes that the SEC has already made up its mind to deny the petition but has not formally shared its decision with the public.

According to the announcement, Coinbase’s filing in federal court seeks to compel the SEC to provide a simple yes or no response to the rulemaking petition. The Administrative Procedure Act requires the SEC to respond to such petitions within a reasonable time. If the answer is no, Coinbase would be allowed to challenge that decision in court and explain why rulemaking is required.

Coinbase Banner  

Paul Grewal has highlighted the crucial need for a clear rule book in the US. The SEC’s regulatory crackdown on the crypto industry has caused a lack of clarity, which has resulted in delayed innovation, adoption, and growth in the country.

Paul Grewal further said that “At Coinbase, we believe crypto and blockchain technology has the ability to increase economic freedom and opportunity around the world. That’s why we’re working hard to help update the financial system by building trusted products that expand the utility and adoption of crypto.”

Coinbase Fights On Multiple Fronts

Coinbase, in its ongoing efforts to seek regulatory clarity, recently announced via a tweet that it has introduced two ways for the crypto community to express its support for sensible cryptocurrency policies.

The first way is to mint a “Stand With Crypto” commemorative NFT. This NFT features a blue shield, representing the collective stand to protect and promote the potential of crypto. The second way to show support is to add a shield emoji, which symbolizes the industry’s commitment to protecting and promoting the potential of crypto.

FreeBitcoin Banner  

Related Reading: TrueUSD Market Cap Surge 120% In 4 Months After Binance’s Backing

In addition to the Stand With Crypto campaign, Coinbase launched #Crypto435 in Q1 2023, a campaign to grow the crypto advocacy community and share tools and resources. The campaign aims to empower the community to make their voices heard and advocate for sensible crypto policy.

COIN stocks decline on the 1-day chart. Source: COIN on

Featured image from Unsplash, chart from

Go to Source
Author: Ronaldo Marquez

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.