Coinbase forces SEC to respond to regular settlement in a new lawsuit

Veröffentlicht:

Aktualisiert:

Von:

The large crypto exchange Coinbase has filed a lawsuit against the US SEC and the stock exchange commission (SEC), which would force the supervisory authority to give an answer to an earlier petition of the company.

The SEC has recently accepted a stricter approach to the crypto industry, since it believes that most companies violate securities laws without providing clear regulatory guidelines.

The sec must give a yes or no answer

Coinbase on April 24, 2023 at the US Court of Appeals for the Third Circuit - a judicial order that a subordinate court, a government or a public civil servant shows their legal obligations - against the SEC and requested that the agency submitted in July 2022 to answer.

The crypto exchange asked the SEC in summer 2022 to "suggest and adopt rules in order to regulate the regulation of securities that are offered and traded using digitally native methods, including potential rules for identifying which digital assets are securities.

A few months later, the American supervisory authority still has to react to the petition of Coinbase, whereby the recent complaint states that the Sec has "inappropriately delayed" measures.

in a blog post by Paul Grewal, Chief Legal Officer from Coinbase, the securities supervisory authority could reject the company's application for the regulation, measured by the recent enforcement measure and explain the SEC. However, the crypto tour wants the commission to make its decision public.

coinbase previously received a communication from Wells from the SEC, in which it is said that the company may have violated securities laws. While the crypto exchange claimed not to have broken law, she agreed to go to court with the Sec.

In the meantime, Coinbase said that the company could leave the United States if there are no robust regulatory guidelines. The company recently received a Bermuda license and also has its sights on the United Kingdom.

Gensler from the SEC believes that crypto companies violate the law

Coinbase also found that the SEC, chaired by Gary Gensler, carried out enforcement measures against crypto companies instead of creating regulatory clarity. The company of the company, Brian Armstrong, recently said that the agency's warlike approach had added "indescribable damage" to the United States.

Gensler's approach to the cryptos sector also prompted the US representatives Warren Davidson to announce plans for the introduction of new laws that would remove the SEC boss from his position. According to Davidson, the distance from Gensler will correct a "long series of abuses".

The SEC chairman said, however, that the commission would not change its approach and emphasized that cryptocurrency companies had to comply with the existing laws.

.