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A federal court has compelled the SEC to justify its denial of Coinbase’s rulemaking petition, marking a significant moment in cryptocurrency regulation. The Third Circuit Court of Appeals criticized the SEC's reasoning as "arbitrary and capricious," prompting a demand for a more thorough explanation. While some legal experts view this as a minor victory for Coinbase, others highlight the potential implications for outdated regulations in the evolving crypto landscape.
Coinbase achieved a partial legal victory as the US Court of Appeals for the Third Circuit criticized the SEC for its "arbitrary and capricious" reasoning in denying Coinbase's petition for clearer crypto regulations. The court emphasized the need for the SEC to provide a more thorough rationale for its decisions, highlighting the lack of guidance for crypto firms on compliance with existing laws. While the ruling does not mandate rulemaking, it sets a precedent for future cases and underscores the constitutional issues arising from the SEC's ambiguous stance on digital assets.
Coinbase achieved a significant legal victory as a U.S. District Court granted its motion for an interlocutory appeal against the SEC, halting the lawsuit while the case is reviewed by the Second Circuit. This decision aims to clarify whether digital asset transactions are subject to securities laws, a point of contention also seen in the Ripple case. The crypto community, including legal experts and industry leaders, celebrated the ruling as a pivotal moment for the ecosystem.
The crypto industry is urging Congress to overturn new IRS regulations classifying several decentralized finance (DeFi) protocols as brokers, which require Know Your Customer disclosures. Critics argue the rules overreach and threaten the US crypto sector, with calls for action under the Congressional Review Act. Advocacy groups warn this move could push the industry offshore, while the IRS estimates the regulations will impact 2.6 million taxpayers.
The US Treasury and IRS have finalized broker rules for digital asset service providers, mandating DeFi protocols to implement Know-Your-Customer (KYC) procedures by 2027. Critics argue the regulations are unlawful and beyond the Treasury's authority, with potential lawsuits anticipated. The rules require extensive reporting on digital asset transactions, including NFTs and stablecoins, while offering temporary relief from penalties for good faith compliance efforts.
Jake Chervinsky
People
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court orders sec to justify denial of coinbase rulemaking petition
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