Coinbase would have asked the United States Court of Appeal to rule on the fact that trade in cryptographic assets on its platform is not titles transactions, but sales of assets.
The company declared this in a request to the court which is part of an appeal linked to a trial of the Securities and Exchange Commission (SEC) brought in 2023 which alleges Coinbase worked as a valve broker not registered, seeking Alpha reported Wednesday January 22.
Coinbase has declared in his petition that negotiations on his platform are not securities transactions because buyers do not obtain rights against the issuer of the asset as they do with shares, bonds and other titles, according to the report.
A decision on this issue “will allow the court to eliminate the cloud currently hanging on the cryptocurrency market,” said the company, according to the report.
The SEC continued Coinbase in June 2023, saying that the platform had let its own users exchange not registered titles.
Gurbir S. Grewal, who was Director of the Division of the Act of the SEC at the time, said in a press release announcing the trial: “You cannot simply ignore the rules because you do not Not like them or because you prefer different those: the consequences for the investment public are far too large. »»
In a press release provided to Pymnts at the time, the legal director of Coinbase and the Advocate General Paul Grewal declared: “The dependence of the dry at an approach only in terms of application in the absence of clear rules for the ‘Digital asset industry affects America’s economic competitiveness and companies like Coinbase which has a commitment to compliance. »»
In September, in a thread published on X, Paul Grewal wrote that the SEC had refused to provide regulatory advice while engaging in an “arbitrary” application campaign.
“Application regulations only harm American consumers, innovation, the competitiveness of the United States and our national security,” wrote Paul Grewal. “Coinbase is determined not to leave any stone not returned to our efforts to obtain clarity for our industry and the millions of Americans who hold the crypto.”
Tuesday, January 21, the SEC, now led by acting president Mark T. Uyeda, launched a working group in Crypto focused on the development of a “complete and clear” regulatory framework for cryptographic assets.
