TechFlow news: U.S. cryptocurrency exchange Coinbase has filed a lawsuit against the Securities and Exchange Commission (SEC), accusing the agency of arbitrary and capricious conduct in refusing to establish rules that would clarify regulation of the industry.
Coinbase's lawyers argue that the securities regulator acts arbitrarily and capriciously by asserting authority over crypto assets while declining to create new regulations on how to handle them. Coinbase had requested clear rules for digital assets, but the agency rejected that petition in December.
Coinbase is asking the federal appeals court to overturn the SEC’s earlier decision rejecting its petition and to order the SEC to either begin creating new cryptocurrency regulations or provide a thorough explanation of its position.
An SEC spokesperson declined to comment on the new lawsuit.
