US Judges Demand Explanation from SEC for its Refusal to Set Clear Crypto Rules

2025-1-14 12:45

A three-judge panel from the U.S. Court of Appeals for the Third Circuit has demanded the SEC explain why it did not respond to Coinbase’s requests for clear regulations. A recent ruling by the panel has called the SEC’s actions “arbitrary and capricious”.

The U.S. Court of Appeals for the Third Circuit on Monday demanded that the SEC explain itself for refusing to set clear crypto regulations when Coinbase requested they do so after the regulator issued the exchange with a Wells Notice in March 2023.

According to one of the Judges, “Rather than force the agency to make a rule, we order it to explain its decision not to.” Another cautioned the SEC against rendering a poor explanation like it has been doing.

The SEC vs Coinbase

The SEC’s case against Coinbase began in March 2023 when it issued the exchange with a Wells Notice for violating securities regulation through its staking services and asset listings.

Coinbase responded with confidence in the legality of its operations and attempted to engage with the regulator to clarify the basis of its Wells Notice and set clear regulations.

The SEC however maintained that current securities regulations were sufficient to regulate cryptos and filed a lawsuit in June 2023.

Recent developments

Coinbase won against the regulator following a ruling to freeze the case on the grounds of novelty as various courts across the country are reaching different conclusions on cryptos being securities.

The SEC’s case will now go to an appeals court where it will be decided whether it should be tried in a district court.

This new development from the panel from the U.S. Court of Appeals for the Third Circuit deals another blow to the SEC one week to the end of Gary Gensler’s term as SEC Chair.

Meanwhile, Coinbase Legal Head, Paul Grewal, counts this as a victory for Coinbase

https://twitter.com/SECGov?ref_src=twsrc%5Etfw

https://twitter.com/iampaulgrewal/status/1878860619895685283?ref_src=twsrc%5Etfw

The post US Judges Demand Explanation from SEC for its Refusal to Set Clear Crypto Rules appeared first on CoinJournal.

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sec panel clear recent did regulations respond

Источник: coinjournal.net

sec panel → Результатов: 23


Фото:

Coinbase scores legal win, court orders SEC to explain lack of crypto rulemaking

The US Court of Appeals for the Third Circuit granted Coinbase a partial victory in its legal dispute with the Securities and Exchange Commission (SEC) in a Jan. 13 ruling. The panel of judges, led by Circuit Judge Ambro, deemed the SEC’s reasoning “arbitrary and capricious” under the Administrative Procedure Act (APA), a standard requiring […] The post Coinbase scores legal win, court orders SEC to explain lack of crypto rulemaking appeared first on CryptoSlate.

2025-1-14 23:41


SEC Chair Gensler Seeks Fresh $109 Million Funding To Regulate Crypto ‘Wild West’

Gary Gensler, the controversial US Securities and Exchange Commission Chair, recently sounded the alarm on the uncharted territory of crypto markets. In a bold move to rein in the untamed nature of these digital financial landscapes, Gensler addressed a panel of senators, imploring them to allocate an extra $109 million for his agency’s enforcement budget.  […]

2023-7-20 12:01


Фото:

SEC Commissioner Peirce Weighs in Defi Token Regulation Debate: Panel Predicts Defi Will Self Correct in Twelve Months

The U. S. Securities and Exchange Commissioner, Hester Peirce says while defi tokens carry some equity-like benefits, she believes that giving something away is distinct from selling something. As a result of this lack of clarity, Peirce says questions about the regulatory structure and how these tokens could affect corporate governance will continue to linger.

2020-10-9 02:15


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