Coinbase challenges the SEC's decision to refuse to establish new cryptocurrency rules in court

ChainCatcher news, according to The Block, Coinbase Chief Legal Officer Paul Grewal stated on Friday that the cryptocurrency exchange is challenging the U.S. Securities and Exchange Commission (SEC) decision to deny its request for new regulatory rules for digital assets.

Paul Grewal said, "We appreciate the two commissioners who disagreed with the denial and called for a genuine dialogue. We should work together to create laws and rules that benefit consumers and American innovation, rather than responding to litigation based on a legal stance that changes every month. After 18 months of silence, we have taken to the courts to seek the response required by law. Thanks to the Third Circuit Court, we will again seek its assistance later today to challenge the SEC's abandonment of its responsibilities."

It is reported that since Coinbase requested new rules in 2022, there has been a disagreement between it and the SEC.

Earlier that day, the SEC rejected Coinbase's long-standing request for new rules—regarding cryptocurrency regulations—calling it "unnecessary."