![]() It also argued that its crypto cases have given industry participants – including Coinbase – a chance to put their arguments in amicus briefs in front of judges. The agency said its mandate is to enforce existing securities laws even as it considers additional rules and regulations. The SEC also refuted arguments that it should not bring enforcement actions until it has clarified which crypto assets it considers to be securities. ![]() There is no statutory deadline, the agency said, for responding to rulemaking petitions – but a months-long wait surely does not justify the extraordinary relief sought by Coinbase and its amici, especially in light of the dozens of meetings in which SEC officials have entertained Coinbase's pitches. The SEC’s new response said the entire premise of Coinbase’s case is wrong: The agency has not secretly “vetoed” Coinbase’s petition but is instead engaged in careful analysis of potential crypto regulation, including a handful of just-proposed new rules. ![]() Chamber of Commerce also weighed in, arguing that the SEC’s inaction, including its “pocket veto” of Coinbase’s petition, is crippling innovation in a trillion-dollar industry. The SEC's intention, Coinbase alleged, seems to be to evade judicial scrutiny of its decision to forego formal rulemaking and instead rely on enforcement actions to set crypto policy.Ĭoinbase’s arguments were echoed last week in friend-of-the-court briefs from the Crypto Council for Innovation, investment firm Paradigm Operations LP and public interest group Investor Choice Advocates Network, all frequent amici in big crypto cases. In that unusual circumstance, Coinbase argued, the SEC’s refusal to respond is an “inherently unreasonable” delay tactic. Circuit Court of Appeals to compel the SEC to respond to its July 2022 petition imploring the agency to “propose and adopt rules to govern the regulation of securities that are offered and traded via digitally native methods.”Ĭoinbase told the appeals court that it’s obvious the SEC has no intention of embarking on the rulemaking process Coinbase requested in its petition. In anticipation of that enforcement action, Coinbase asked the 3rd U.S. The SEC, which declined through a spokesperson to comment, filed its new brief in response to an extraordinary proceeding launched last month by cryptocurrency exchange Coinbase Global Inc, (COIN.O) which has announced that it expects to be sued imminently by the SEC. regulators, he said, “don’t have the option not to decide what to do.” ![]() “This industry is moving forward globally whether the SEC likes it or not,” said Kayvan Sadeghi of Jenner & Block, who represents the Crypto Council for Innovation. Several told me on Tuesday that the SEC's filing, in fact, reinforces their arguments that the agency has failed to provide meaningful guidance to legitimate crypto businesses that are simply looking for a way to stay on the right side of U.S. You will probably not be surprised to hear that the SEC’s crypto critics are not appeased by the new brief. Securities and Exchange Commission offered a detailed public response to critics from the crypto industry on Monday, arguing in an appellate brief that the agency should not be rushed into formal rulemaking for digital assets and instead should be free to continue to police crypto through individual enforcement actions. (Reuters) - (The opinions expressed here are those of the author, a columnist for Reuters.)
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