An appeals court should order the U.S. Securities and Exchange Commission to start writing rules for crypto, Coinbase argued in its final push for rulemaking.
"This pattern of conduct is a purposeful effort to destroy an industry by demanding the impossible and prosecuting companies that fail to achieve it," Coinbase said in its brief."The SEC claims that its stance on digital assets has never shifted," the exchange said. "But that is untrue, and the SEC’s contrary evidence is nothing more than abstract statements that application of the securities laws to digital assets turns on the 'facts and circumstances'.
The SEC has also brought enforcement actions against crypto platforms and projects over the past year. The agency sued Coinbase in a separate case in June for operating its platform without registering. Meanwhile the crypto industry has criticized the SEC for what many call "regulation by enforcement," while SEC Chair Gary Gensler has argued that most cryptocurrencies are securities and should be regulated similarly to other investments.
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Coinbase, SEC spar over investment definition in appeal attemptCoinbase challenges the SEC’s use of the Howey test as its appeal against allegations that its staking program is an unregistered securities offering.
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