Amidst crypto exchanges in the U.S. being troubled by uncertain regulations, Coinbase, the largest cryptocurrency exchange based in the United States, filed a lawsuit against the SEC over a lack of clarity on laws and regulations.
Coinbase Global Inc. filed a petition against the US Securities and Exchange Commission (SEC) in the US Federal court on Monday. The firm seeks the SEC’s response to a petition filed in July 2022 regarding cryptocurrency laws and regulations in the US.
Coinbase Chief Legal Officer, Paul Grewal, emphasized the status of this litigation on his Twitter on Monday as the exchange seeks a “yes or no” response to the July 2022 petition.
Coinbase has outlined 50 specific questions in the petition regarding the regulatory treatment of certain digital assets that it wants to be answered and the firm seeks to understand the guidelines of US regulators to develop and adopt rules and regulations concerning the benefit of customers.
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In reference to the latest petition, Paul Grewal said, the SEC has not yet responded, so he suggested that the SEC should adopt new legislation to respond to the petitions “within a reasonable time”.
This is the first move by Coinbase against the regulators. “Coinbase does not take any litigation lightly, especially when it relates to one of our regulators. Regulatory clarity is overdue for our industry” explained in a blog post.
Paul appears to be frustrated with the rule makers for the crypto industry. This happens because Gary Gensler, chairman of the US Securities and Exchange Commission, has yet to clarify “which crypto assets are securities.”
