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BlockNews
Home CRYPTO

Coinbase Accuses SEC of Stifling Crypto Industry Without Clear Rules

Michael Juanico by Michael Juanico
May 31, 2024
in CRYPTO, POLITICS
Reading Time: 3 mins read
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  • Coinbase accused the SEC of purposefully trying to destroy the crypto industry by refusing to provide clear rules and regulations.
  • Coinbase claimed the SEC is creating a “Catch-22” situation where crypto firms are expected to comply with securities laws, but the SEC won’t provide needed rulemaking.
  • The dispute stems from the SEC’s denial of Coinbase’s petition for rulemaking last December, which Coinbase is now challenging in court.

In a recent legal filing, Coinbase accused the SEC of trying to destroy the crypto industry by refusing to provide regulatory clarity. This comes amid an ongoing dispute between the exchange and regulator over the need for new crypto rules.

JUST IN: @Coinbase has accused the SEC of deliberately attempting to stifle the crypto industry by refusing to provide clear regulations while aggressively litigating against firms pic.twitter.com/AVcDDrjQ4f

— BlockNews.com (@blocknewsdotcom) May 31, 2024

Background on Coinbase vs SEC

  • In 2021, SEC sued Coinbase for offering unregistered securities through its staking services. Coinbase disputes these allegations.
  • After SEC denied Coinbase’s petition for crypto rulemaking in late 2021, the exchange challenged this in court.
  • Earlier this month, SEC said crypto firms’ difficulty complying with current laws doesn’t require immediate rulemaking.

Coinbase’s Latest Accusations

  • In its May 27 court filing, Coinbase said the SEC’s actions amount to “a purposeful effort to destroy an industry.”
  • The exchange accused the SEC of demanding the impossible from crypto firms while prosecuting those that fail to comply.
  • Coinbase described this as a “Catch-22” for the industry, with SEC calling for compliance while denying needed rules.

Coinbase’s Conclusions & Request

  • Coinbase concluded the SEC is trying to “choke” the crypto industry by denying requested rules.
  • The exchange asked the court to vacate the SEC’s rulemaking denial and force the agency to engage in the process.
  • The SEC maintains its denial provided sufficient explanation and it should further review any petition.

Conclusion

The legal battle between Coinbase and the SEC continues with no clear resolution in sight. The crypto industry awaits regulatory clarity, but the SEC so far refuses calls for rulemaking. This dispute highlights the challenges facing crypto companies seeking to comply with securities laws.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: Coinbasecryptocrypto rulessec
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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