US Securities and Exchange Commission (SEC) reacted to the Coinbase lawsuit, saying that it is not obliged to issue new rules, and the company “does not have the right to sue the regulator.”
“Neither the Securities Act nor the Administrative Procedure Act imposes an obligation on the SEC to issue the broad range of new rules on digital assets requested by Coinbase,” the appeal states.
The trading platform filed a lawsuit to seek an SEC response to the July 2022 petition. In it, the exchange demanded clarity on the regulation of the crypto industry.
The company took offensive action after receiving notice of an investigation regarding the listing procedure on the platform and its products – Coinbase Prime, Coinbase Wallet and staking service Coinbase Earn.
The SEC called Coinbase’s claims “unfounded” and added that the regulator could still introduce new rules for cryptocurrency.
Lawyers for the supervisory authority said that “the Commission continues to review Coinbase’s petition in the usual manner.” The regulator is still taking action against digital assets, which it classifies as securities, they said.
Referring to report 2017representatives of the Commission noted that over the years they have made recommendations to crypto companies in addition to enforcement action.
The SEC added that they are not rejecting the Coinbase petition. Moreover, it will help the Commission draw up a set of rules that will satisfy the crypto market.
Earlier, the head of the exchange, Brian Armstrong, said that the SEC had gone on a “crusade” against the digital asset industry.
Recall that in May, the US Chamber of Commerce came out in support of Coinbase and accused the regulator of “deliberately creating a dangerous and uncertain environment” for cryptocurrency companies in the country.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
US Securities and Exchange Commission (SEC) reacted to the Coinbase lawsuit, saying that it is not obliged to issue new rules, and the company “does not have the right to sue the regulator.”
“Neither the Securities Act nor the Administrative Procedure Act imposes an obligation on the SEC to issue the broad range of new rules on digital assets requested by Coinbase,” the appeal states.
The trading platform filed a lawsuit to seek an SEC response to the July 2022 petition. In it, the exchange demanded clarity on the regulation of the crypto industry.
The company took offensive action after receiving notice of an investigation regarding the listing procedure on the platform and its products – Coinbase Prime, Coinbase Wallet and staking service Coinbase Earn.
The SEC called Coinbase’s claims “unfounded” and added that the regulator could still introduce new rules for cryptocurrency.
Lawyers for the supervisory authority said that “the Commission continues to review Coinbase’s petition in the usual manner.” The regulator is still taking action against digital assets, which it classifies as securities, they said.
Referring to report 2017representatives of the Commission noted that over the years they have made recommendations to crypto companies in addition to enforcement action.
The SEC added that they are not rejecting the Coinbase petition. Moreover, it will help the Commission draw up a set of rules that will satisfy the crypto market.
Earlier, the head of the exchange, Brian Armstrong, said that the SEC had gone on a “crusade” against the digital asset industry.
Recall that in May, the US Chamber of Commerce came out in support of Coinbase and accused the regulator of “deliberately creating a dangerous and uncertain environment” for cryptocurrency companies in the country.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
