Paul Grewal, Chief Legal Officer of Coinbase, announced on Friday that the cryptocurrency exchange will appeal the Securities and Exchange Commission’s decision to reject its request for additional regulation of digital assets.
Coinbase’s long-running request for new regulations was rejected by the SEC earlier in the day, which deemed it to be “unwarranted.”
Grewal wrote on X, “Today the SEC denied Coinbase’s petition for rules for crypto. After 18 months of silence, we went to court to get the response the law requires. With appreciation for the Third Circuit, later today we’ll again seek its help by challenging the SEC’s abdication of its duty.”
Since the exchange requested new regulations in 2022, Coinbase and the SEC have been at odds. Grewal pointed out that Hester Peirce and Mark Uyeda, two Republican SEC commissioners, disagreed with the denial and emphasized the need for communication between regulators and the cryptocurrency sector.
“We’re grateful that two Commissioners disagreed with the denial and called for real dialogue,” Grewal stated. “We should be working together to create laws and rules that will benefit consumers and U.S. innovation, not defending lawsuits based on legal positions that change month after month.”
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