Coinbase, a leading cryptocurrency exchange, has filed a legal motion to urge the US Securities and Exchange Commission (SEC) to provide a clear and definitive response to its petition from July 2022. The petition was made in the interest of obtaining more transparent and comprehensive regulatory guidelines for the cryptocurrency industry in the United States. The petition included 50 specific questions related to the regulatory treatment of certain digital assets. Coinbase argues that under the Administrative Procedure Act, the SEC is obligated to respond to its petition “within a reasonable time”, which has not been done even after more than nine months have passed. The exchange is now demanding that the SEC share its decision, whether positive or negative.
Coinbase’s legal action highlights the need for greater regulatory clarity in the cryptocurrency industry, and the importance of the SEC’s role in providing guidance to market participants.
