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Coinbase Will Appeal SEC Decision! The United States Securities and Exchange Commission (SEC) formally rejected the crypto regulation request made by Coinbase Global Inc. This decision marks an important milestone for the cryptocurrency market and indicates that the legal battle between the SEC and Coinbase will continue.
SEC rejected the request for three main reasons:
- The application of existing securities laws to cryptocurrencies,
- The SEC’s response to crypto securities markets with regulation,
- The importance of preserving the commission’s ability to determine its own regulatory priorities.
Coinbase Chief Legal Officer Paul Grewal, disagrees with these reasons and confirmed plans to appeal the SEC’s response. Grewal believes that anyone claiming that existing laws are clear or that there is nothing more to be worked on, cannot look at the crypto industry with a fair perspective.
Quoting a previous statement made by Grewal, Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam, most tokens under existing laws are commodities. Coinbase’s Chief Legal Officer has not determined when the firm will file its appeal.
The conflicting positions of the SEC and CFTC on the best classification of assets in the crypto world create great confusion for industry members. Understanding which asset falls under securities and which under commodities still requires some guidance that both the SEC and CFTC are currently unwilling to provide.
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In particular, industry experts like attorney John Deaton, who represents XRP holders, believe that the SEC Chairman is openly misleading the American public; because the crypto ecosystem contains enough uniqueness that can be classified in different ways.
Coinbase’s appeal application could be a significant opportunity to resolve the difference in views on cryptocurrency regulation between the SEC and CFTC. This decision could help shape the future of the cryptocurrency market.
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