Coinbase has sued the US market regulator SEC. He wanted the SEC to be clear on its stance on cryptocurrency.
Cryptocurrency exchange Coinbase has filed a lawsuit with the US Securities and Exchange Commission (SEC). Coinbase submitted a petition to the SEC in 2022. This petition demanded that the SEC propose clear and solution-oriented rules on crypto. However, the SEC did not respond to this petition.
Coinbase wanted the SEC to be clear on how securities laws apply to the crypto industry. The exchange, which filed a lawsuit with the SEC, requested a response to the petition on whether it would allow the crypto industry to be regulated under SEC rules.
Coinbase used the following statements on the subject:
From the SEC’s public statements and enforcement activities in the crypto industry, it looks like the SEC has already decided to reject our petition. But they haven’t told the public yet.
SEC Chairman Gary Gensler did not respond to an Ethereum-related securities question while answering crypto-related questions in the House of Representatives. Gensler’s stance was interpreted as the SEC still had not come up with a clear roadmap. Gensler, who has recently been accused of overstepping his authority, is accused of driving crypto companies away from the United States.