Court rejects Coinbase's appeal for new cryptocurrency regulations

The U.S. Securities and Exchange Commission (SEC) submitted a brief to the U.S. Court of Appeals for the Third Circuit, arguing against Coinbase's request for new cryptocurrency regulations, according to Decrypt. Coinbase contended that the SEC's enforcement-centric approach is an attempt to control the market and called for the formulation of new rules. The SEC, however, has maintained that the existing regulations are adequate. Consequently, Coinbase initiated a lawsuit against the SEC in March to challenge this stance. Recently, the U.S. Court of Appeals decided that Coinbase cannot force the SEC to create new regulations.