Coinbase representatives believe that the SEC shows no intention of establishing clear regulations for the crypto market

Coinbase

Coinbase accuses the U.S. Securities and Exchange Commission (SEC) of deliberately ignoring all requests to establish clear regulations for the cryptocurrency market.

Coinbase’s offensive against the SEC

Representatives of the Coinbase exchange, decided not to wait any longer for action from the Securities and Exchange Commission (SEC). On Monday, May 22, they decisively attacked the institution, filing a motion in federal court to force the agency to respond to their demand for clear and precise rules governing cryptocurrencies. Coinbase had already filed a “petition for rulemaking” with the SEC last July, asking for the creation and adoption of a legal framework for securities based on digital assets. In addition, the exchange demanded answers to 50 specific questions to provide “clarity and certainty in the regulation of digital assets.”

Unfortunately, this petition has still not been answered by the SEC. What’s more, SEC Chairman Gary Gensler claimed at a Congressional hearing in March that “regulations are already in place” and are sufficient for cryptocurrencies to be effectively covered by securities regulation.

The SEC’s ignorance has reached a limit

“The SEC has no intention of engaging in such regulation in the foreseeable future, and this decision may not be reviewable indefinitely unless the Court grants Coinbase’s petition for mandamus,” the company said in its filing.

A mandamus order, also known as an executive order, is a lawful means of compelling a government official or public institution to perform a specific duty to which it is legally obligated.

In Coinbase’s efforts to seek regulatory clarity and accountability from the SEC, the exchange is showing its position as a tenacious defender of innovation and trust in the digital asset market. As one company representative said: “Our fight for a mandamus order is an expression of our determination to ensure a fair and transparent framework for the development of cryptocurrencies. It’s not just our cause, but the cause of the entire industry.”

Coinbase fights for the welfare of the entire industry

With this, Coinbase firmly expresses its dissatisfaction with the SEC’s actions, highlighting the contradiction between the tardiness of rulemaking and the simultaneous pursuit of intensive enforcement. This situation is a serious obstacle to the development of the digital asset sector and leads to ambiguity, as well as uncertainty for investors. As one exchange representative noted: “Our question is simple – why isn’t the SEC taking action to ensure clear regulations while at the same time conducting a prosecutorial enforcement campaign? This soi contradicts our desire for a fair and transparent market for digital assets.”

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

Share this article

More news

Ripple

Expert predicts Ripple IPO date

Wall Street financial expert Linda Jones has shared details of Ripple’s anticipated IPO date. Her analysis indicated potential dates, but the current market context and regulatory aspects…
All articles loaded
No more articles to load

Learn

Leveraged trading

Leveraged trading

The cryptocurrency market moves quite fast and offers the public the opportunity to make a lot of money in a…
XRP

How to buy XRP?

Our articles explain a lot about Ripple (XRP). This time we explain how to buy and store the XRP tokens.…
Bitcoin

How to buy Bitcoin (BTC)?

Bitcoin (BTC) is the most popular cryptocurrency in the world. In 2021, as much as 11% of Americans claimed to…
Bitcoin ETF

Bitcoin ETF

The year 2020 was the time when Bitcoin (BTC) attracted institutional interest. It became a serious subject of discourse among…
All articles loaded
No more articles to load

Analyses

All articles loaded
No more articles to load

Latest news

XRP outperforms Bitcoin and Ethereum

In the past week, XRP decisively outperformed its main rivals, Bitcoin (BTC) and Ethereum (ETH), in terms of capital flows. Moreover, it recorded an impressive…
All articles loaded
No more articles to load