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court orders sec to justify lack of crypto rulemaking in coinbase case
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.
sheila warren steps down as ceo of crypto council for innovation
Sheila Warren has stepped down as CEO of the Crypto Council for Innovation, transitioning to the role of Senior Global Policy Officer. Ji Kim will serve as acting CEO. Warren expressed optimism for a strong regulatory framework for cryptocurrency, especially with the upcoming Trump administration, which could enhance global crypto adoption. Meanwhile, SEC Chair Gary Gensler is set to depart in January 2025, with Trump nominating pro-crypto Paul Atkins as his replacement.
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