"Rules of the road, from legislation or rulemaking or both, must come before enforcement actions. That is why we petitioned the SEC for rulemaking nearly a year ago in the first place," Paul Grewal, chief legal officer at Coinbase,"We continue to believe that the SEC could not be proceeding with litigation against our industry, like the case filed against us today, if the SEC had not already decided to deny our petition for rulemaking.
In April, Coinbase filed the legal challenge in an attempt to force the SEC's hand and claiming the current requirements are poorly suited for bitcoin, cryptocurrencies and digital assets such as non-fungible tokens . "If the SEC’s answer to our petition for rulemaking is 'no,' then they are required by law to tell us, because we have the legal right to question that 'no' in court. And there are serious questions to be asked," Grewal added.
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