{"id":48397,"date":"2023-04-25T06:28:45","date_gmt":"2023-04-25T10:28:45","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=48397"},"modified":"2023-04-25T06:28:48","modified_gmt":"2023-04-25T10:28:48","slug":"coinbase-sues-sec-over-crypto-etf-application-delay","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/coinbase-sues-sec-over-crypto-etf-application-delay\/","title":{"rendered":"Coinbase Sues SEC Over Crypto ETF Application Delay"},"content":{"rendered":"\n

Coinbase has filed a lawsuit against the SEC for its \u201cunreasonable\u201d delay in responding to its application for a crypto-based exchange-traded fund (ETF).<\/p>\n\n\n\n

\"Coinbase<\/figure>\n\n\n\n

The exchange claims that the SEC is acting in bad faith and creating uncertainty for the crypto industry.<\/p>\n\n\n\n

Coinbase,<\/a> the largest cryptocurrency exchange in the US, has taken legal action against the US Securities and Exchange Commission (SEC) over its recent regulatory stance on cryptocurrencies. <\/p>\n\n\n\n

On Monday, Coinbase announced it in a blog post and petitioned the D.C. Appeals Court. Circuit to challenge the SEC\u2019s delay \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>in responding to its application for a crypto-based exchange-traded fund (ETF)<\/p>\n\n\n\n

Coinbase Challenges SEC\u2019s Delay Tactics<\/strong><\/h3>\n\n\n\n

The exchange applied for a crypto ETF in July 2022 but got no reply from the SEC. Therefore, it claims the SEC violates the law that requires timely action.<\/p>\n\n\n\n

Coinbase alleges that the SEC deliberately delays its application and creates uncertainty for the crypto industry as part of its \u201cunprecedented and unlawful regulatory framework\u201d <\/em>for cryptocurrencies. <\/p>\n\n\n\n

The exchange charges the SEC with trying to make all digital assets register as securities. However, many of these assets do not meet the legal definition of securities.<\/p>\n\n\n\n

Coinbase slams the SEC\u2019s unclear regulation that confuses and hinders crypto innovation<\/use><\/svg><\/span><\/a>. The exchange says the SEC harms the crypto industry and violates its rights.<\/p>\n\n\n\n

Coinbase Seeks Regulatory Clarity<\/strong><\/h4>\n\n\n\n

Coinbase's move follows SEC Chair Gensler's comments on crypto regulation, where he hinted at seeking more power from Congress.<\/p>\n\n\n\n

Coinbase has called for explicit rulemaking<\/use><\/svg><\/span><\/a> by the SEC to make clear regulations on cryptocurrencies and the processes by which firms can register to operate with different agencies.<\/p>\n\n\n\n

Coinbase\u2019s petition says the SEC\u2019s crypto regulation is illegal and goes against court guidance. In addition, it says stablecoins, DeFi, and other crypto innovations are not securities and don\u2019t need SEC oversight. <\/p>\n\n\n\n

Thus, the lawsuit shows Coinbase\u2019s growing conflict with the regulator.<\/p>\n\n\n\n

The company risks SEC action over its lending product and tokens despite announcing a Bermuda-based exchange last week. The exchange has vowed to challenge any lawsuits in court and defend its right to operate in the US.<\/p>\n\n\n\n

Conclusion<\/strong><\/h3>\n\n\n\n

Coinbase\u2019s lawsuit against the SEC shows that the crypto industry is unwilling to accept the agency\u2019s vague and expansive regulatory approach. The exchange argues that stablecoins are not securities and that the SEC violates its due process rights. The outcome of this legal action could shape the future of crypto regulation in the US and set a precedent for other crypto companies.<\/p>\n","protected":false},"excerpt":{"rendered":"

Coinbase has filed a lawsuit against the SEC for its \u201cunreasonable\u201d delay in responding to its application for a crypto-based exchange-traded fund (ETF). The exchange claims that the SEC is acting in bad faith and creating uncertainty for the crypto industry. Coinbase, the largest cryptocurrency exchange in the US, has taken legal action against the […]<\/p>\n","protected":false},"author":44,"featured_media":48399,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[150,9699],"class_list":["post-48397","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies","tag-coinbase","tag-crypto-etf"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/04\/coinbase.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/48397","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=48397"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/48397\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/48399"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=48397"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=48397"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=48397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}