Coinbase welcomed the court's ruling requiring the SEC to give a more detailed explanation for denying its petition for clearer crypto regulations.

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Coinbase welcomed the court's ruling requiring the SEC to give a more detailed explanation for denying its petition for clearer crypto regulations.

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We just won our petition for a writ of mandamus at the Third Circuit. Rebuking @SECGov for its order denying our rulemaking petition, the Court held that the "SEC’s order was conclusory and insufficiently reasoned, and thus arbitrary and capricious, we grant Coinbase’s petition in part and remand to the SEC for a more complete explanation." We appreciate the Court's careful consideration.

“Because we believe the SEC’s order was conclusory and insufficiently reasoned, and thus arbitrary and capricious, we grant Coinbase’s petition in part and remand to the SEC for a more complete explanation,” today’s order reads.

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Crypto news