The largest cryptocurrency exchange based in the US, Coinbase, filed a lawsuit against the SEC due to unclear laws and regulations, which are causing concern for crypto exchanges in the US.
On Monday, Coinbase Global Inc. filed a petition in the US Federal court against the US Securities and Exchange Commission (SEC). The company is looking for the SEC’s response to a petition that was submitted in July 2022 regarding cryptocurrency laws and regulations in the US.
Paul Grewal, the chief legal officer of Coinbase, stressed the status of this lawsuit on his Twitter account on Monday as the exchange is looking for a “yes” or “no” response to the petition filed in July 2022.
Regarding the regulatory treatment of certain digital assets, Coinbase has outlined 50 specific questions in the petition that it wants answered. The company also wants to understand the US regulators’ guiding principles in order to develop and adopt rules and regulations for the benefit of customers.
Paul Grewal stated that the SEC has not yet responded to the most recent petition, so he recommended that the SEC adopt new legislation to respond to the petitions “within a reasonable time.”
This is Coinbase’s first action against the authorities. “Coinbase does not take any legal disputes lightly, particularly when they involve one of our regulators. Our industry needs more regulatory clarity, according to a blog post.
Paul seems to be angry with the crypto industry’s regulators. This occurs as a result of Gary Gensler, the chairman of the US Securities and Exchange Commission, still not having specified “which crypto assets are securities.”
Compiled by Coinbold