The conflict continues: Coinbase files suit against the SEC
The conflict continues: Coinbase files suit against the SEC
Cryptocurrency exchange Coinbase intends to sue the Securities and Exchange Commission (SEC) to publicly respond to its July 2022 petition.
As such, Coinbase has filed a lawsuit against the SEC under the Administrative Procedure Act, which could force the U.S. regulator to respond to the petition in a timely manner.
In its July 2022 petition, the cryptocurrency exchange asked the SEC to adopt clearer requirements and regulations for the digital asset sector, according to the Yahoo! Finance website.
Although the petition was signed by more than 1,700 companies and individuals, according to Coinbase, the SEC has yet to publicly respond. In the meantime, the regulator has stepped up its scrutiny of cryptocurrency marketers.
"We are simply requesting that the Court order the SEC to respond at all, which they are legally obligated to do," said Paul Grewal, Coinbase's Chief Legal Officer.
As previously reported, Coinbase received a Wells Notice from the SEC on March 22, warning that the regulator intends to take enforcement action against the largest U.S. cryptocurrency exchange.
Cryptocurrency exchange Coinbase caters to traders and investors of all levels. The company serves users from 100 countries, and has more than 43 million active clients, and offers an integrated insurance system for digital assets. The FDIC insurance covers amounts up to $250,000.
