Coinbase Appeals SEC Denial of Crypto Securities Rulemaking Petition
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Coinbase filed an appeal the same day its petition for a rulemaking on crypto used as a security was denied by the SEC.
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Coinbase is continuing efforts to ensure adequate legislation on cryptocurrencies used as securities.
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In its appeal, Coinbase said the SEC's denial was "arbitrary and capricious, an abuse of discretion, and contrary to law."
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The SEC's denial letter faulted Coinbase's petition for lacking proposed rule text or substance as required.
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Coinbase has taken various actions supporting crypto, including donations, lobbying, and public statements. The SEC sued Coinbase for securities violations in June.