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Coinbase Asks U.S. Court to Force SEC Response to 2022 Rulemaking Petition
The filing is a preemptive move by the crypto exchange to argue that the SEC's approach doesn't provide sufficient regulatory guidance for U.S. crypto firms.
By Nikhilesh De
Updated Apr 25, 2023, 2:40 p.m. Published Apr 25, 2023, 12:00 a.m.
Crypto exchange Coinbase (COIN) has asked a federal court to force the U.S. Securities and Exchange Commission (SEC) to respond to its petition filed last year asking for formal rulemaking within the digital assets sector.
Coinbase filed an Administrative Procedure Act challenge against the SEC on Monday. The exchange asked the Third Circuit Court of Appeals to order the SEC to provide "regulatory clarity" around how existing securities laws might apply to the digital asset sector.
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Read more: SEC Warns Coinbase It's Pursuing Enforcement Action Over Securities Violations
The SEC warned Coinbase last month it expected to sue the exchange over allegations of listing and offering unregistered securities products. Coinbase is expected to respond to the specific allegations by the end of April.
Monday's filing, however, is a preemptive move by Coinbase to argue that the SEC's approach doesn't provide sufficient regulatory guidance for U.S. companies operating in the crypto sector.
"It is widely recognized – including by a sitting SEC Commissioner – that existing SEC registration and disclosure requirements are incompatible with digital assets, which differ fundamentally from the stocks, bonds and investment contracts for which the securities laws were designed and that the SEC traditionally has regulated. The SEC at a minimum must set forth how those inapt and inapposite requirements are to be adapted to digital assets. But the SEC has refused to do even that," the filing said.
Read more: Coinbase Could Move Away From U.S. if No Regulatory Clarity: CEO Brian Armstrong
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Canadian Province Wins Forfeiture of $1M QuadrigaCX Co-Founder's Cash, Gold via Default Judgment
The ruling transfers cash, gold bars, watches, and jewelry seized from a CIBC safety deposit box and bank account into government hands after Patryn did not defend the case.
What to know:
- The Supreme Court of British Columbia has forfeited $1 million in cash and gold tied to QuadrigaCX's co-founder, Michael Patryn, to the government.
- Patryn did not contest the forfeiture, which involved 45 gold bars, luxury watches, and over $250,000 in cash seized under an Unexplained Wealth Order.
- The forfeiture may lead to a process determining if any assets can be directed to QuadrigaCX's creditors, who received 13 cents on the dollar in the bankruptcy settlement.
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