Coinbase is taking a bold step against the SEC. The firm demands clear rules for the crypto world. It claims the SEC didn’t properly reject its plea for new guidelines. The exchange wants the court to demand rulemaking from the SEC. Initially, the SEC said it had limited power over crypto. Later, it claimed enough authority, confusing many.
Today @coinbase filed our opening brief in the Third Circuit challenging the SEC’s denial of our rulemaking petition. Tl;dr: the SEC’s denial is arbitrary and capricious, an abuse of discretion, and a violation of the Administrative Procedures Act. 1/7 https://t.co/v09uE2OHsb
— paulgrewal.eth (@iampaulgrewal) March 11, 2024
Meanwhile, FDIC’s Travis Hill sheds light on blockchain’s double-edged sword. He spoke about the technology’s benefits and risks. Hill favors clearer rules for blockchain use. He sees great promise in making financial transactions faster and safer. Yet, he warns of possible dangers, like quicker bank runs. Hill criticizes the SEC’s broad take on crypto assets. This could hurt banks treating crypto differently.
Trump Shows Interest in Crypto
Also, Donald Trump seems to be warming up to crypto. Once a critic, he now sees its value. He’s open to accepting crypto for his branded goods. This marks a significant change from his earlier views. Other politicians are also showing support for digital currencies. They contrast with the current administration’s cautious approach. Gary Gensler of the SEC faces criticism for his handling of crypto regulations.
In conclusion, the fight for clear crypto regulations is gaining heat. Coinbase is challenging the SEC, while figures like Travis Hill call for a balanced approach. Even Trump is changing his tune on crypto. This ongoing saga highlights the growing need for clear, consistent rules in the crypto space.
