news 
US Judges Demand Explanation from SEC for its Refusal to Set Clear Crypto Rules
In a recent move, US judges have demanded an explanation from the Securities and Exchange Commission (SEC) regarding their refusal to establish clear rules governing cryptocurrencies. This comes as no surprise, given the ongoing controversy surrounding the SEC’s stance on regulating cryptos.
As reported by The Crypto News, Coinbase has won against the regulator in a significant setback for the commission. In June 2023, the SEC filed a lawsuit claiming that certain digital assets traded on the platform were securities. However, the court ruled to freeze the case due to novelty, citing the need for further clarity and consistency from the regulatory body.
This development is a major blow to the SEC’s efforts to define cryptos as securities. The Commission had previously refused to provide clear guidance on the matter, leaving market participants uncertain about which assets fall under its purview.
The judges’ demand for an explanation serves as a stern rebuke to the SEC’s inaction, highlighting the need for regulatory clarity in this rapidly evolving space. The lack of clear rules has led to confusion and uncertainty among investors, creating an environment ripe for abuse and market manipulation.
Coinbase Legal Head Paul Grewal has hailed the ruling as a victory for his company, stating that it is “a win for Coinbase, a win for our customers, and a win for the entire cryptocurrency industry.”
This outcome may have significant implications for the future of crypto regulation in the US. It sets a new precedent, potentially forcing the SEC to provide clearer guidance on which assets are subject to its jurisdiction.
In light of this development, it remains to be seen whether the commission will reconsider its stance and take steps to establish clear rules or risk facing further legal challenges.
Source: coinjournal.net
