SEC’s reason for refusing crypto rulemaking ‘does not cut it’ — Coinbase
Coinbase delivered an opening brief in a United States appeals court, arguing that the SEC should be forced to “engage in rulemaking.”
Crypto exchange Coinbase has continued its legal fight against the United States Securities and Exchange Commission, asking a court to force the agency to “begin a long-overdue” process to make rules for the crypto industry.
In a March 11 opening brief in the Third Circuit Appeals Court, Coinbase claimed the SEC broke the Administrative Procedures Act (APA) — governing how agencies can make regulations — when it denied the exchange’s July 2022 petition asking the SEC to make crypto rules and didn’t give a sufficient reason as to why.
Coinbase said the regulator’s reason for the rulemaking refusal — where SEC Chair Gary Gensler disagreed that existing securities laws were unworkable with crypto — “does not cut it,” and it needs to “provide a reasoned justification for refusing to engage in rulemaking.”
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