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Coinbase, a cryptocurrency exchange (COIN), has requested a U.S. federal court to compel the Securities and Exchange Commission (SEC) to provide a response to its petition, filed in the previous year, urging for official rulemaking concerning the digital assets industry.
On Monday, Coinbase lodged an Administrative Procedure Act objection against the U.S. Securities and Exchange Commission, urging the Third Circuit Court of Appeals to instruct the SEC to offer "regulatory clarity" on how the current securities laws could relate to the digital asset industry.
Last month, the SEC cautioned Coinbase that it planned to take legal action against the exchange over accusations of listing and selling unregistered securities products. Coinbase is anticipated to address these particular accusations by the conclusion of April.
Coinbase's submission on Monday is a proactive measure aimed at contending that the SEC's strategy fails to furnish adequate regulatory guidance for American firms functioning in the cryptocurrency industry.
"It is widely recognized – including by a sitting SEC Commissioner – that existing SEC registration and disclosure requirements are incompatible with digital assets, which differ fundamentally from the stocks, bonds, and investment contracts for which the securities laws were designed and that the SEC traditionally has regulated. The SEC at a minimum must set forth how those inapt and inapposite requirements are to be adapted to digital assets. But the SEC has refused to do even that," the filing said.
Source Coindesk
