In a sometimes forceful condemnation, an Appeals Court has ruled in no uncertain terms that Coinbase cannot force the SEC to write new rules.
The U.S. Third Circuit Court of Appeals has upheld the SEC's denial of Coinbase 's petition to order the agency to develop a new regulatory system for crypto "from the ground up." "The Commission’s determination that the rulemaking Coinbase seeks is currently unwarranted was both reasonable and reasonably explained," the Court ruled.
The appeals court agreed with the SEC's ruling that it's unreasonable to call existing digital asset regulation "unworkable," and denied that a whole new regime is needed, as "the Commission reasonably denied the petition and referred to a number of proposed rules and undertakings that it was pursuing that address questions regarding the application of the existing framework to crypto asset securities," the ruling states.
The ruling contains several forceful denials of Coinbase's petition. For instance, the suit scoffs at Coinbase's proposal that the courts struggle with applying existing law to digital assets cases, saying the current law is sufficient for pursuing these cases, and "...
The SEC was right not to dedicate its time to crypto asset rulemaking, the Third Court ruled, and Coinbase was wrong for trying to force them to write regulations anyway.
Coinbase's top lawyer, Paul Grewal, responded to the decision in a post on X. " basic response: 'no additional explication is required to understand the Commission’s policy decision.' But other than denying any obligation to explain itself, they simply rehash the fallacy that registration as is is 'workable,'" Grewal wrote, adding, "We are confident the Court will see this for what it is.
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