May 29, 2024
Coinbase Urges Crypto Rulemaking, Citing SEC's Kraken Enforcement
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Coinbase Urges Crypto Rulemaking, Citing SEC’s Kraken Enforcement

Coinbase, a U.S.-based cryptocurrency exchange, has reiterated its request for the Securities and Exchange Commission (SEC) to respond to its petition for crypto regulations. Coinbase pointed to the SEC’s recent enforcement action against Kraken as evidence supporting its claims. The exchange filed its petition in July 2022, urging the SEC to establish rules governing securities traded through digital means.

The SEC, in a letter on Nov. 21, stated its intention to provide a status report on the rulemaking petition by Dec. 15. Coinbase’s response emphasized that only a court order would prompt the SEC to act, accusing the agency of hedging and delaying.

The letter referred to the SEC’s enforcement action against Kraken, filed on Nov. 20, where the commission alleged the crypto exchange mingled customer funds and failed to register properly. Coinbase sees this as evidence that the SEC lacks urgency in providing regulatory clarity. The letter did not mention the Nov. 21 settlement of civil and criminal cases against Binance, excluding its ongoing SEC case. Coinbase argued:

“[The] Kraken action was necessarily approved by the Commission and […] is further evidence that the Commission sees no need for regulatory clarity.”

The push for rulemaking coincides with reports suggesting the SEC may be close to deciding on a spot Bitcoin exchange-traded fund for U.S. markets. Approval of such a fund could represent a significant step toward mainstream crypto adoption.

Image: Flickr

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