SEC Rebukes Need for Imminent Crypto Rulemaking, Seeks Denial of Coinbase Petition

Introduction

The United States Securities and Exchange Commission (SEC) has rejected the need for immediate crypto rulemaking and is seeking the denial of Coinbase’s petition. The SEC’s decision comes after Coinbase filed a petition with the agency, requesting that it create a regulatory framework for the cryptocurrency industry.

SEC’s Response

In a letter addressed to Coinbase’s Chief Legal Officer, Paul Grewal, the SEC stated that it does not believe that immediate rulemaking is necessary. The agency also stated that it is not convinced that a regulatory framework for the cryptocurrency industry is needed at this time.

The SEC’s response to Coinbase’s petition is not surprising, as the agency has been hesitant to create a regulatory framework for the cryptocurrency industry. The agency has been criticized for its lack of action in this area, with many in the industry calling for clearer guidelines and regulations.

Coinbase’s Petition

Coinbase’s petition was filed in March of this year, and it called for the SEC to create a regulatory framework for the cryptocurrency industry. The petition argued that a regulatory framework would provide clarity and certainty for the industry, which would help to promote innovation and growth.

Coinbase’s petition also argued that a regulatory framework would help to protect investors and consumers, as it would provide a clear set of rules and guidelines for companies to follow.

Related?US Secret Service Praises Blockchain Technology in Reddit AMA

Conclusion

The SEC’s rejection of Coinbase’s petition is a blow to the cryptocurrency industry, which has been calling for clearer guidelines and regulations for some time. While the agency’s decision is not surprising, it is disappointing for those who believe that a regulatory framework is necessary to promote innovation and growth in the industry.

It remains to be seen whether the SEC will take any action in the future to create a regulatory framework for the cryptocurrency industry. In the meantime, companies in the industry will continue to operate in a regulatory gray area, which could hinder growth and innovation.

Official Accounts

Official Telegram Channel: https://t.me/CryptoInsidersOnline
Official Instagram Account: https://www.instagram.com/cryptoinsiders_news
Official Twitter Account: https://twitter.com/CryptoinsiderHK
?
spot_img
spot_imgspot_img

Related Articles

Understanding ERC-223 Tokens: A Safer Approach to Gas Fees and Enhanced Security

Dive into the world of ERC-223 tokens, offering enhanced security and efficient gas fee management in blockchain transactions. Learn how they safeguard against loss in unsupported...

What is ERC-6551: the Future of NFTs

Discover ERC-6551, a transformative standard in the NFT landscape, enhancing asset ownership, social identity, and enabling autonomous actions...

The Power of Trustless Smart Contracts and Optimism Layer Two: Insights from Perpetual Protocol Co-founder

Explore the transformative power of trustless smart contracts, DeFi innovations, and the Arbitrage Vault. Learn about Optimism Layer Two and Perpetual Protocol's...
You have not selected any currencies to display