Coinbase’s Appeal: Responding to SEC Denial for Cryptocurrency Regulations

Coinbase, a prominent U.S.-based crypto exchange, is persisting in its pursuit of clear regulatory frameworks for cryptocurrencies categorized as securities. After the U.S. Securities and Exchange Commission (SEC) rejected Coinbase’s plea for cryptocurrency rulemaking on December 15, the exchange swiftly filed an appeal.

Paul Grewal, Coinbase’s Chief Legal Officer, immediately pledged action upon hearing about the SEC’s denial. By December 18, the U.S. Third District Court of Appeals mandated the SEC to submit its decision record by January 24, 2024.

In its appeal, Coinbase detailed the exhaustive process it undertook to prompt the SEC’s response to its plea. The exchange criticized the SEC’s refusal, calling it “arbitrary and capricious, an abuse of discretion, and against the law,” citing violations of the Administrative Procedure Act.

Coinbase argued that the SEC’s dismissal of its rulemaking efforts while pursuing enforcement actions beyond its authority contradicts fairness and regulatory procedures.

The SEC’s denial, which faulted Coinbase’s petition for lacking a proposed rule’s substance, drew backlash from the crypto community. SEC Chair Gary Gensler, in response, emphasized the applicability of existing laws and the SEC’s role in regulating crypto securities through rulemaking. He defended the agency’s discretion in setting regulatory priorities.

Headquartered in San Francisco, Coinbase has actively backed the crypto industry through political donations, lobbying, and public advocacy. The SEC’s lawsuit against Coinbase in June alleged securities violations.


Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

Follow Us

Top Selling Multipurpose WP Theme


Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!


Crypto feed news

Our team of crypto enthusiasts and market mavens is on a mission to deliver the latest, juiciest, and most insightful updates from the ever-evolving world of cryptocurrencies.

@CryptoFeedNews 2023 All Right Reserved. Designed and Developed by TheDevThingz

Skip to content