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Coinbase, a well-liked crypto change, has filed a lawsuit towards the Securities and Alternate Fee (SEC) as a result of they need the SEC to share their reply to a petition from July 2022.
The petition requested if the SEC would regulate digital property, like cryptocurrencies, utilizing the present SEC frameworks. Nonetheless, the SEC has not publicly responded to the petition but, and within the meantime, they’ve been growing their enforcement actions and warnings towards crypto exchanges, together with Coinbase.
Coinbase’s chief authorized officer, Paul Grewal, mentioned that the SEC has not shared its resolution on their petition to manage digital property. They filed a lawsuit to drive the SEC to share its resolution. The SEC has taken actions towards a number of crypto exchanges and people accused of manipulating crypto property since January.
That is Coinbase’s first transfer towards the regulator, after being warned by the SEC of pending authorized motion. Grewal mentioned that regulatory readability is required for the trade, as Coinbase and different crypto corporations are dealing with potential regulatory enforcement actions with out understanding how the SEC believes the regulation applies to their enterprise.
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