U.S. court questions SEC's denial of Coinbase's rulemaking request

The U.S. Court of Appeals for the Third Circuit is examining the Securities and Exchange Commission's (SEC) denial of Coinbase's request for cryptocurrency rulemaking, criticizing its lack of substantial reasoning, Cointelegraph reported. Coinbase had sought clearer rules regarding the classification of crypto assets as securities, but the SEC rejected this request in late 2023, leading Coinbase to file an appeal. During a recent hearing, judges expressed concern over the SEC's brief, two-page denial, describing it as "close to vacuous" and emphasizing the absence of clear guidance for the crypto industry amid ongoing enforcement actions.