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The Courts Bitcoin

Coinbase Sues the SEC, Seeking Regulatory Clarity For the Crypto Industry (theblock.co) 37

The U.S. cryptocurrency exchange Coinbase is suing the Securities and Exchange Commission, seeking to force the commission to respond to a petition (PDF) requesting them to draft and approve a rule specific to digital assets. "The lawsuit aims to force the agency to provide a yes or no to Coinbase's ask," adds The Block. From the report: Since that request by Coinbase, the SEC has reopened custody and exchange rules to explicitly say that they apply to digital assets, but has not engaged in drafting a rule specific to digital assets. The agency has also engaged in several enforcement actions against crypto companies, including an investigation into Coinbase.

"From the SEC's public statements and enforcement activity in the crypto industry, it seems like the SEC has already made up its mind to deny our petition. But they haven't told the public yet. So the action Coinbase filed today simply asks the court to ask the SEC to share its decision," the company's chief legal officer Paul Grewal wrote in a blog post about the filing. The suit filed by Coinbase is a writ of mandamus, a type of lawsuit for "exceptional circumstances" in which a court can force federal officials to act. If the SEC declines to make a new rule, Coinbase can file another lawsuit in an attempt to make a federal court force them to do so.

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Coinbase Sues the SEC, Seeking Regulatory Clarity For the Crypto Industry

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  • WTF (Score:1, Troll)

    by bloodhawk ( 813939 )
    seriously? how the fuck does a lawsuit like this even make it to court? The SEC is under absolutely no obligation to do anything here, hopefully a court will terminate this abortion before it costs taxpayers money.
    • so Coinbase wants to do some money laundering?
      Just wait the CEO to find out what an FPMIAP is

    • You can sue over literally anything. It doesn't mean your lawsuit's going to go anywhere.

      Coinbase is hoping to get a decision that's favorable before the SEC is fully ready to ramp up enforcement against them. That said this seems like one of those, be careful what you wish for you might just get it, situations. I think it's more likely that coinbase is miscalculating here.

      Then again there's absolutely no legitimate use for cryptocurrencies. They're heavily centralized around a handful of exchanges
    • by janvo ( 639733 )

      Are you kidding? COIN was served a wells notice from the SEC. As a public company, the wells notice has impacted its prospects and ability to do business. COIN has done everything on the up and up, and the SEC has been a regulatory predator. Do some reading, and you'll see that Gensler is on the wrong side of this and has been for a long time.

      • Crypto scammers gonna crypto scam. Wassup crypto bruh?

    • I want the SEC to regulate sports betting! And powdered toast. Can I sue? Yes.

  • It saddens me how much /. has deteriorated over the years. Few of you know what you are talking about. The hate on for crypto is ubiquitous and palpable, with no arguments of substance. Anyone involved in crypto, involved on the regulatory side, can see plain as day that the SEC has been playing both sides to their advantage. They are at the point where they are nothing but a regulatory predator, looking for the next entity they can fine into oblivion - mandate be damned. They don't protect consumers. I don

    • by vadim_t ( 324782 )

      Crypto was somewhat interesting back in the early days. Once it became clear that nobody actually wants a currency and everyone is just looking to have a modern equivalent of the tulip mania, it became clear that the field is completely useless. Burn it all down, nothing will be lost.

      Ultimately it all revolves in a bunch of people having a world-wide bet that they bought their tokens early and that they can profitably resell them to some patsy and cash out. There's not any more utility to than than a casino

      • Crypto was a scam from the get go. It was always a scam and nothing more. The scammers are laughing their way to the bank.

  • The SEC might just well regulate crypto exchanges into oblivion and frankly it's nothing less than they deserve.

  • They don't want to follow the regulations that the SEC already have. They want special rules for "digital assets".
    What is the exact rationale for that? WHY is it different because it's "on a computer"?

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