EddieJayonCrypto
12 May 24
The US Securities and Exchange Commission (SEC) has filed a countermotion against Coinbase's rulemaking petition for the crypto industry. The SEC argues that there is no need for creating a regulatory framework for crypto assets in place of existing US securities laws. Coinbase had filed a request w...
The US Securities and Exchange Commission (SEC) has countered Coinbase's rulemaking petition for the crypto industry, arguing against the need for new regulations and stating that existing securities laws are sufficient. In July 2021, Coinbase requested the SEC to conduct rulemaking for cryptocurrencies, which was denied by the SEC. In response, Coinbase filed a petition with the US Third Court of Appeals seeking to compel the Commission to undertake the requested rulemaking. The SEC argued that its current application of existing security regulations has been effective for decades, making new regulations unnecessary. The total crypto market gained 0.19% to reach a valuation of $2.25 trillion. Bitcoin declined by 3.71% and is trading at $60,980.5. Solana (SOL) and Binance Coin (BNB) recorded slight gains in the 1% margin. In summary, the SEC has opposed Coinbase's request for new crypto industry regulations, emphasizing the effectiveness of existing securities laws. Additionally, the crypto market saw a modest 0.19% increase in valuation, with Bitcoin experiencing a 3.71% decline.
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