Summary
Coinbase filed an opening brief in their case against the SEC, asking for a review and order for the SEC to start the rulemaking process for digital assets. The SEC denied Coinbase’s petition for rulemaking in December 2023, prompting an appeal. The case is ongoing as Coinbase is also facing a separate lawsuit from the SEC in New York.
Key Points
1. Coinbase filed an opening brief in their case against the SEC in the Third Circuit Court of Appeals, seeking to overturn the SEC’s denial and start the rulemaking process for digital assets.
2. The SEC denied Coinbase’s petition for rulemaking in December 2023, stating that digital assets already fall under existing rules and regulations.
3. Coinbase promptly appealed the decision, arguing that the denial was an “abuse of discretion and contrary to law,” while a separate case between Coinbase and the SEC continues in New York.