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Reading: Coinbase Continues Legal Battle Against SEC for Clarity on Cryptocurrency Regulations
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COINTURK NEWS > Coinbase > Coinbase Continues Legal Battle Against SEC for Clarity on Cryptocurrency Regulations
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Coinbase Continues Legal Battle Against SEC for Clarity on Cryptocurrency Regulations

In Brief

  • Coinbase fights for clarity on cryptocurrency regulations against the SEC.

  • The SEC believes existing laws adequately cover cryptocurrencies.

  • Regulatory uncertainty complicates compliance and poses risks for the industry.

İlayda Peker
İlayda Peker 8 months ago
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Coinbase, one of the leading cryptocurrency exchanges in the United States, is fighting at the federal appellate court in Philadelphia against the Securities and Exchange Commission (SEC), which has refused to create new rules for cryptocurrencies.

Contents
Coinbase’s Request for Rule MakingSEC’s Reasons for DenialImplications of the Legal Struggle

Coinbase’s Request for Rule Making

In its 2022 application to the SEC, Coinbase sought clarity on when cryptocurrencies would be classified as securities, requesting the establishment of a dedicated market structure for cryptocurrencies.

The company argues that the existing securities laws are outdated and unworkable for the cryptocurrency industry.

SEC’s Reasons for Denial

In December 2023, the SEC denied Coinbase’s request, stating that current regulations are sufficient and that new rules are unnecessary. The agency believes cryptocurrencies can be evaluated under existing securities laws.

Implications of the Legal Struggle

Coinbase claims that the SEC’s stance has created regulatory uncertainty in the cryptocurrency market and has made compliance challenging for companies operating in the U.S. The company believes that establishing clear rules would benefit the industry.

This situation can be seen as escalating tensions between the cryptocurrency industry and regulators, creating ambiguity for companies within the sector. The ongoing debate regarding how cryptocurrencies should be regulated could significantly impact the legal framework for the cryptocurrency sector in the U.S.

Coinbase’s legal battle is expected to set a precedent for other companies in the sector and may contribute to clarifying the regulatory environment. The lack of clear regulations in the cryptocurrency industry complicates compliance for companies and poses risks for investors. Coinbase’s fight could play a critical role in determining how digital assets will be regulated in the future. Collaboration between regulators and industry representatives is deemed essential for supporting innovation and ensuring market security.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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İlayda Peker 24 September, 2024 - 10:08 am 24 September, 2024 - 10:08 am
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