Coinbase to SEC: Time to Rule on Crypto!

Coinbase advocates for crypto regulation citing SEC's action against Kraken

Coinbase pushes for crypto regulations citing SEC action on Kraken.

United States-based cryptocurrency exchange Coinbase is not mincing words when it comes to challenging the Securities and Exchange Commission (SEC) to respond to their petition for crypto regulations. And they have a strong case, using the SEC’s recent action against Kraken to back up their claims.

Coinbase’s lawyers, armed with wit and tenacity, filed a response to the SEC’s letter promising a status report on the crypto rulemaking petition by December 15th. But Coinbase is not amused by the delays and takes matters into its own hands. They argue that only a court order will push the Commission to act, stating, “[O]nly mandamus will impel the Commission to fully, finally acknowledge that Coinbase’s petition for rulemaking was pocket-vetoed long ago.” Oh, snap!

“Fear of a court ruling”, huh? Guess the SEC is sweating a bit. But Coinbase isn’t about to let them off the hook that easy. They bring up the SEC’s recent enforcement action against Kraken, filed on November 20th, as a solid example of the Commission’s lack of regulatory clarity. The SEC accused Kraken of commingling customer funds and not registering as a securities exchange, broker, dealer, or clearing agency. Ouch! It’s like the SEC said, “Hey Kraken, you messed up big time!” But, Coinbase questions the SEC’s intentions, wondering if they even care about bringing regulatory clarity.

Wait, what? Binance, did you escape Coinbase’s sharp eyes? There’s no mention of Binance’s recent civil and criminal settlement cases. Maybe Coinbase is just leaving them to face the music with the SEC separately. Or perhaps they’re saving that juicy scoop for another time. Who knows!

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As the push for crypto regulations intensifies, the SEC might finally be nearing a decision on whether to approve a spot Bitcoin exchange-traded fund (ETF) for listing on U.S. markets. And if they do, it would be a monumental step toward mainstream adoption of crypto. Buckle up, folks, because the ride is about to get even more exciting!

Hey, fellow digital asset investors! Any thoughts on Coinbase’s sassy challenge to the SEC? Who do you think will emerge victorious in this battle for crypto rules? Share your opinions below and let’s have some fun speculation!

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