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The U.S. Court of Appeals ruled that SEC's denial of Coinbase's petition for clearer cryptocurrency regulations was not properly argued
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The SEC denied Coinbase’s petition in 2023, prompting the exchange to appeal to the Third Circuit. According to Judge Thomas Ambro, the SEC’s order denying Coinbase’s request for crypto rules was “conclusory and insufficiently reasoned, and thus arbitrary and capricious.”
The U.S. Securities and Exchange Commission must explain why it denied Coinbase's petition for specific rules for crypto, the U.S. Court of Appeals for the Third Circuit said in an opinion posted on Monday. The court called the SEC's decision to ignore this request for crypto-specific rulemaking as "arbitrary and capricious."
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