Coinbase sues the SEC seeking clarity on cryptocurrency classification SEC Coinbase crypto
- Coinbase has decided to take the fight to the Securities and Exchange Commission by filing a lawsuit in a U.S. federal court seeking to compel the regulator to provide a “yes or no” response to a petition that the firm originally submitted last July seeking clarity on cryptocurrency regulation.
The petition included 50 questions that covered a wide range of topics related to the regulatory treatment of certain digital assets. Of specific interest for Coinbase, as well as numerous other players in the ecosystem, is the question asking the SEC to provide clarification about its process of determining the classification of a token as a security or a commodity.
“It’s important for the SEC and any other agency petitioned for rulemaking to respond to the petition once the agency has made up its mind, especially if the answer is no – otherwise the public can never exercise its right to ask a court if the agency’s decision was proper,” Grewal wrote. “If the SEC says no to our rulemaking petition, which it has the right to do, then Coinbase would be allowed to challenge that decision in court and explain in that formal setting why rulemaking is required.
Grewal noted that for those that see this step as unusual, “It is, because this step is usually not needed. But it is also unusual for an agency to bring enforcement actions based on a view of the law that it has not yet shared formally with the public.” “The rulemaking process is a critical step to giving the public notice about what activities they can and cannot engage in. So until the crypto industry gets that clarity, we will continue to take every step available to us to seek it, which includes today’s filing,” Grewal concluded.
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