In a court filing, SECGov said that coinbase had not proven the need for the regulator to create crypto specific rules. nikhileshde reports.
The U.S. Securities and Exchange Commission told an appeals court that crypto exchange Coinbase hadn't proven the regulator needs to create a new regulatory framework for the digital asset industry late Monday.
Coinbase filed its original petition with the SEC in July 2022, asking the regulator to provide guidance around digital assets. Last month, the crypto trading platform filed a Mandamus petition with the U.S. Court of Appeals for the Third Circuit, asking it to force the regulator to respond to the petition during an escalating legal battle; Coinbase filed a response to an SEC Wells Notice the same week.
"As Coinbase’s own submissions make clear, considering the various paths it suggests is a necessarily complicated endeavor," the SEC filing said."Yet Coinbase filed its rulemaking petition fewer than ten months ago, supplemented aspects of the petition fewer than three months ago, and sought to supplement the record again only weeks ago."
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