Coinbase challenges SEC's rejection of crypto rulemaking petition

Paul Grewal, Coinbase's chief legal officer, announced on X that Coinbase has filed a brief in court challenging the U.S. Securities and Exchange Commission's (SEC) rejection of their petition for cryptocurrency rulemaking. Grewal emphasized that the SEC cannot claim jurisdiction over the cryptocurrency industry without proper and clear regulations. He accused the SEC of stifling the crypto industry by continually asserting that compliance with regulations is irrelevant and failing to provide any reasonable justification. On May 13, the SEC submitted a brief to the U.S. Court of Appeals for the Third Circuit to dismiss Coinbase's petition for new crypto regulations.