The U.S. Securities and Exchange Commission has stated that it has not yet made a decision on whether to provide additional clarification on new cryptocurrency regulations, following a request made by oinbase">Coinbase, the largest cryptocurrency exchange in the United States.
The Securities and Exchange Commission (SEC) has recently filed a document stating that it has not yet made a decision on how to proceed regarding oinbase">Coinbase’s rulemaking petition, following a request from Judge Cheryl Ann Krause of the U.S. Court of Appeals for the Third Circuit, who had urged the SEC to disclose whether it had denied oinbase">Coinbase’s petition. The petition, which was filed in 2020, requested the SEC to provide further clarification on the regulatory treatment of digital assets and securities.
oinbase">Coinbase’s Chief Legal Officer, Paul Grewal, recently took to Twitter to express his dissatisfaction with the Securities and Exchange Commission’s (SEC) response to the court’s order. Grewal stated that the SEC’s claim of not having made any decision on new cryptocurrency regulations was incorrect and that they had failed to comply with the court’s explicit order by refusing to commit to a deadline.
The Securities and Exchange Commission’s (SEC) lawsuit against oinbase">Coinbase is part of a wider regulatory crackdown on the cryptocurrency industry, led by Chairman Gary Gensler, who has consistently maintained that all digital coins and tokens, with the exception of Bitcoin, should be classified as securities.
One day prior to filing a lawsuit against oinbase">Coinbase, the Securities and Exchange Commission (SEC) had initiated legal action against Binance, its American counterpart Binance US, and its CEO Changpeng Zhao, by filing 13 civil charges against them.
As part of its ongoing regulatory efforts in the cryptocurrency sector this year, the Securities and Exchange Commission (SEC) has also focused its attention on American digital asset exchanges such as Kraken and Gemini, accusing them of selling unregistered securities.
Gary Gensler, who assumed the position of Chairman of the Securities and Exchange Commission (SEC) in 2021, recently suggested that the cryptocurrency industry was not welcome in the United States. He stated that the country did not require additional digital currencies and further added that the digital asset industry was founded on non-compliance.
oinbase">Coinbase’s publicly traded shares, identified by the symbol COIN, were valued at $52.40 at the close of trading today, reflecting a 3.6% increase in value over the past 24 hours.
