- Coinbase has filed for partial summary judgment against the SEC over its three-year delay in cryptocurrency classification requests.
- The motion seeks to compel the SEC to disclose documents on its stance regarding cryptocurrencies like Ether.
The leading crypto exchangeCoinbase is taking a bold step against the U.S. Securities and Exchange Commission (SEC) by filing for partial summary judgment in an ongoing legal battle. This move follows the SEC’s denial of Coinbase’s requests for information regarding its cryptocurrency classification, particularly concerning whether assets like Ethereum (ETH) are considered securities.
Further, the exchange’s legal team has enlisted the help of History Associates Inc. to clarify the SEC’s enforcement strategy, aiming to access internal communications and documents that could shed light on the agency’s approach to crypto regulations.
In its Oct 15 filing, Coinbase highlights that the SEC has been obstructing its efforts to obtain crucial information through the Freedom of Information Act (FOIA). The SEC is now seeking a three-year period to review the requested documents, which Coinbase argues is an unreasonable delay. Also, major players like Kraken, Binance, and Crypto.com facing increased scrutiny. However, Coinbase’s determination to challenge the SEC could have far-reaching implications for the entire cryptocurrency industry.
This legal confrontation is pivotal, not just for Coinbase but for all entities navigating the complex regulatory landscape of digital assets. The outcome could reevaluate how cryptocurrencies are classified and regulated, potentially paving the way for clearer guidelines in the future.
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