Coinbase Global Inc.’s decision to sue securities regulators over their alleged foot-dragging on the company’s request for crypto rulemaking has caught the attention of other businesses and advocacy groups.
Coinbase is asking an appeals court to order the Securities and Exchange Commission to respond to a petition for rulemaking the crypto exchange filed last year, seeking clarity on which digital assets the SEC plans to regulate. The US Court of Appeals for the Third Circuit is entertaining the request, and directed the SEC to specify when it plans to respond to the petition.
Coinbase’s case is being closely watched. A court order favoring the crypto exchange could reinvigorate interest from businesses, civil rights, and other groups in petitioning the SEC and other agencies for changes to federal rules.
Source: Coinbase’s SEC Fight Renews Interest in ‘Grossly’ Underused Tool
