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San Francisco-based crypto exchange Coinbase made an official objection after the U.S. Securities and Exchange Commission (SEC) rejected their application for crypto regulations. Coinbase’s Chief Legal Officer Paul Grewal announced that they would take this step immediately and that they were ordered to submit the record of the decision to the U.S. Third Circuit Court of Appeals by January 24, 2024.
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With Coinbase’s objection, it is stated that they aim to force the SEC to respond to their petition. The exchange criticized the regulation campaign, describing the SEC’s decision as “arbitrary, capricious, abuse of discretion“. Coinbase considered the rejection of the petition as a disregard of the Administrative Procedure Act and the principles of basic justice.
The SEC’s defining of cryptocurrencies as securities caused controversy within the crypto community. SEC Chairman Gary Gensler supported this decision, arguing that securities laws also apply to cryptocurrencies.
Coinbase opposes the SEC’s decision by making political donations and conducting lobbying activities with the aim of supporting the crypto industry. Last June, the SEC sued Coinbase for securities law violations. During this process, Coinbase’s efforts to defend the crypto community and on regulatory issues are being watched with comprehensive attention.
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