Coinbase files petition for review after SEC rejects rulemaking petition

Coinbase officially filed a legal challenge to the US Securities and Exchange Commission’s denial of its rulemaking petition from 2022. 

Coinbase Chief Legal Officer Paul Grewal posted on X about the filing, saying, “Promise made, promise kept.”

Grewal called the decision “arbitrary and capricious.”

In its petition for review, Coinbase argued that the SEC’s denial is an “abuse of discretion and contrary to law, in violation of the Administrative Procedure Act.”

“The Commission’s refusal to engage in rulemaking, even while it continues a campaign of regulation by enforcement against Coinbase and others that exceeds its statutory authority, flouts the APA and…

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