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Coinbase Requests U.S. Court to Compel the SEC to Respond to Their 2022 Rulemaking Petition

Coindesk | Nikhilesh De | Apr 25, 2023

US Securities Exchange Commission - Coinbase Requests U.S. Court to Compel the SEC to Respond to Their 2022 Rulemaking Petition

Crypto exchange Coinbase (COIN) has asked a federal court to force the U.S. Securities and Exchange Commission (SEC) to respond to its petition filed last year asking for formal rulemaking within the digital assets sector.

  • Coinbase filed an Administrative Procedure Act challenge against the SEC on Monday. The exchange asked the Third Circuit Court of Appeals to order the SEC to provide "regulatory clarity" around how existing securities laws might apply to the digital asset sector.
    • The filing is a preemptive move by the crypto exchange to argue that the SEC's approach doesn't provide sufficient regulatory guidance for U.S. crypto firms.

See:  Coinbase and Kraken Reaffirm Plans to Stay Operational in Canada Amidst Changing Regulatory Landscape

The filing said:

It is widely recognized – including by a sitting SEC Commissioner – that existing SEC registration and disclosure requirements are incompatible with digital assets, which differ fundamentally from the stocks, bonds and investment contracts for which the securities laws were designed and that the SEC traditionally has regulated. The SEC at a minimum must set forth how those inapt and inapposite requirements are to be adapted to digital assets. But the SEC has refused to do even that.

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CNBC | MacKenzie Sigalos | Apr 24, 2023

Longtime BTC bull:  ‘Crypto is dead in America'

  • Tech investor Chamath Palihapitiya, who said two years ago that bitcoin has replaced gold and predicted the digital currency would climb to $200,000, has a much more cautious view on cryptocurrencies these days.   Palihapitiya blamed crypto’s demise largely on regulators, who have gotten much more aggressive in their pursuit of bad actors in the industry.
  • In February, the agency proposed rules that would change which crypto firms can custody customer assets. In March, the SEC issued crypto exchange Coinbase a Wells notice — typically one of the final steps before it files charges — warning the company that it identified potential violations of U.S. securities law.
  • Coinbase CEO Brian Armstrong told CNBC that his company is preparing for a yearslong court battle with the commission, and is also considering relocating outside the U.S. if it doesn’t get improved regulatory clarity.

See:  SEC Wins LBRY Protocol Case: Is Every U.S. Crypto A Security?

House Financial Services Committee Chairman Rep. Patrick McHenry, R-N.C.:

You’re punishing digital asset firms for allegedly not adhering to the law when they don’t know it will apply to them.  The SEC’s approach was “driving innovation overseas and endangering American competitiveness.

Gary Gensler, Chair, SEC:

We have a clear regulatory framework built up over 90 years,” he said, adding that the exchanges “are “noncompliant generally, and they need to come into compliance.

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NCFA Jan 2018 resize - Coinbase Requests U.S. Court to Compel the SEC to Respond to Their 2022 Rulemaking PetitionThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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