On September 23, Coinbase intensified its push for clear crypto regulations, clashing with the U.S. Securities and Exchange Commission (SEC) in a federal appeals court in Philadelphia. The leading U.S. cryptocurrency exchange has been urging the SEC to provide a more transparent and workable regulatory framework for digital assets.
Last December, Coinbase filed a petition claiming that the current regulatory environment is “unworkable,” but the SEC rejected the request. During the recent hearing, Coinbase argued that the SEC’s unclear regulations make it impossible for crypto companies to operate in the U.S.
Coinbase’s lawyer, Eugene Scalia, stated that the SEC refuses to clarify how companies can register and comply with U.S. laws.
However, SEC lawyer Ezekiel Hill countered that the agency should not have to create new rules for Coinbase simply because the company does not want to align with existing regulations. The judges acknowledged the SEC’s cautious stance but questioned why cryptocurrencies were not part of its rulemaking efforts.
This legal battle is part of a broader conflict between Coinbase and the SEC. The regulator sued Coinbase last year for operating as an unregistered broker and for offering staking services and digital assets it classified as securities.
Additionally, Coinbase filed a lawsuit in June against the SEC and the Federal Deposit Insurance Corporation for withholding information under the Freedom of Information Act. These legal disputes highlight the ongoing tension between Coinbase and the SEC over the future of crypto regulation.
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