The US SEC rejects Coinbase's petition for formal digital asset rules, because the “existing securities regime appropriately governs crypto asset securities”
Jesse Hamilton / CoinDesk :
CoinDesk Jesse Hamilton
Related Coverage
- Statement on the Denial of a Rulemaking Petition Submitted on behalf of Coinbase Global, Inc. U.S. Securities and Exchange Commission
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Discussion
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@annmlipton.bsky.social
Ann M. Lipton
on bluesky
take that third circuit [embedded post]
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@iampaulgrewal
@iampaulgrewal
on x
Today the SEC denied Coinbase's petition for rules for crypto. After 18 months of silence, we went to court to get the response the law requires. With appreciation for the Third Circuit, later today we'll again seek its help by challenging the SEC's abdication of its duty. 🧵⬇️ [i…
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@iampaulgrewal
@iampaulgrewal
on x
We're grateful that two Commissioners disagreed with the denial and called for real dialogue. We should be working together to create laws and rules that will benefit consumers and US innovation, not defending lawsuits based on legal positions that change month after month.
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@iampaulgrewal
@iampaulgrewal
on x
1/3 Promise made, promise kept: we are now on file with Third Circuit to challenge the SEC's arbitrary and capricious denial of our petition for crypto rulemaking. We again appreciate the Court's consideration.
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@brian_armstrong
Brian Armstrong
on x
Nice small win. We went to court to challenge the SEC's refusal to create clear rules for the industry - and it worked (a court compelled them to respond). Now that they've formally responded (with a no!) we can challenge their response in court, which helps us get one step...
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@daveweisberger1
Dave Weisberger
on x
Its worth noting the stakes in this debate: Nothing less than the future of capital markets. No serious professional believes todays analog system will survive disruption from digital technology. The SEC's approach is virtually guaranteed to set back U.S. innovation...
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@faryarshirzad
Faryar Shirzad
on x
Virtually every G20 economy is revising their regs to welcome crypto and accommodate tokenization. The CFTC is also taking important steps to ensure their regulations don't impede responsible innovation. The SEC's global isolation on digital assets is unfortunate.
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@harjtaggar
Harj Taggar
on x
Why did it take 18 months for the SEC to respond if the rules are already so clear? This won't go down well with the courts.