In a recent development in the ongoing dispute between Coinbase and the US Securities and Exchange Commission (SEC), the SEC has officially denied Coinbase’s request for new regulations regarding digital assets. In response, Coinbase has taken legal action by filing a petition in court to challenge the SEC’s decision.

The SEC chairman, Gary Gensler, supported the denial of Coinbase’s request, stating that existing securities laws already apply to cryptocurrencies. He emphasized that if crypto assets are offered and sold as investment contracts, the federal securities laws are applicable. Gensler also highlighted the SEC’s active involvement in regulating the crypto securities market through rulemaking.

Disappointed with the SEC’s rejection, Coinbase’s Chief Legal Officer, Paul Grewal, announced that the company has filed a petition for judicial review in the US Court of Appeals for the Third Circuit. Grewal argued that the SEC’s denial of Coinbase’s request for rulemaking was unjustified and that a judicial review is necessary.

Coinbase’s legal team contends that the SEC’s formal denial of their request confirms the Commission’s opposition to their proposal. They believe that the SEC’s inaction has obstructed progress and that a judicial review is now essential.

It is worth noting that Coinbase is also currently engaged in another legal battle with the SEC, facing charges of operating as an unregistered securities exchange, broker, and clearing agency.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries
Sentiment	neutral
Relevance Score	1
People	Gary Gensler, Paul Grewal
Companies	Coinbase, US Court of Appeals for the Third Circuit, US Securities and Exchange Commission (SEC)
Currencies	None
Securities	None