Coinbase's Allies Join Crypto Firm's Case Against SEC
Allies, including Paradigm and the Crypto Council for Innovation, support Coinbase in its court battle against the SEC's refusal to establish specific crypto industry rules. They argue that the SEC's approach doesn't suit the unique nature of crypto projects and hinders regulatory clarity. The SEC's rejection of Coinbase's petition for rulemaking has led to legal action. The lack of clear regulation is driving industry participants to seek better conditions abroad. The influx of briefs from various groups, including the U.S. Chamber of Commerce and Texas Blockchain Council, supports Coinbase's position. The SEC has not commented on the dispute. Some court cases have favored the SEC's view that certain cryptocurrencies should be treated as securities. If Prometheum's plans succeed, it could challenge Paradigm's assertion that all crypto firms under SEC registration have failed.
