Coinbase is accusing the US Securities and Exchange Commission (SEC) of breaking the law by refusing to engage in rulemaking for the crypto industry.<\/p>\n
In an opening brief<\/a> filed at the Third Circuit Appeals Court on March 11, Coinbase accuses the SEC of acting arbitrarily and capriciously by denying the exchange’s July 2022 petition that asked the regulator to formulate clear crypto guidelines.<\/p>\n The SEC’s denial of Coinbase’s petition is also ”an abuse of discretion” and in violation of the Administrative Procedure Act, its brief said.<\/p>\n “The SEC violated the APA by refusing to engage in rulemaking and by failing to provide a reasoned explanation for its denial of Coinbase’s rulemaking petition,” it said. ”This Court should order the SEC to begin a long-overdue rulemaking.”<\/p>\n Today @coinbase<\/a> filed our opening brief in the Third Circuit challenging the SEC’s denial of our rulemaking petition. Tl;dr: the SEC’s denial is arbitrary and capricious, an abuse of discretion, and a violation of the Administrative Procedures Act. 1\/7 https:\/\/t.co\/v09uE2OHsb<\/a><\/p>\n — paulgrewal.eth (@iampaulgrewal) March 11, 2024<\/a><\/p><\/blockquote>\n\n