Coinbase sues the SEC for answer on rule specific to digital assets
"From the SEC’s public statements and enforcement activity in the crypto industry, it seems like the SEC has already made up its mind to deny our petition. But they haven’t told the public yet. So the action Coinbase filed today simply asks the court to ask the SEC to share its decision," the company's, a type of lawsuit for"exceptional circumstances" in which a court can force federal officials to act.
Eugene Scalia, son of former Supreme Court Justice Antonin Scalia and former secretary of labor, a cabinet-level position, is one of the outside counsels representing Coinbase in their petition. Scalia, currently a partner at the law firm Gibson Dunn, has won several suits against financial regulators, including a case against the Financial Stability Oversight Council that ended with the revoking of insurance company MetLife's"too big to fail" regulatory status.
If the SEC declines to make a new rule, Coinbase can file another lawsuit in an attempt to make a federal court force them to do so.The lawsuit isn't the crypto company's only recent legal fight with the U.S. government.
The tokens alleged to be unregistered securities by the SEC were also listed by other crypto firms, creating potential legal risk for much of the industry that sells tokens to customers in the U.S.
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