The Block Crypto News14 minutes ago

Published on May 11, 2024 18:48 GMT+00:00edited on May 11, 2024 18:49 GMT+00:00

The U.S. Third Circuit Court of Appeals has upheld the SEC's denial of Coinbase's petition to order the agency to develop a new regulatory system for crypto "from the ground up." "The Commission’s determination that the rulemaking Coinbase seeks is currently unwarranted was both reasonable and reasonably explained," the Court ruled. 

The appeals court agreed with the SEC's ruling that it's unreasonable to call existing digital asset regulation "unworkable," and denied that a whole new regime is needed, as "the Commission reasonably denied the petition and referred to a number of proposed rules and undertakings that it was pursuing that address questions regarding the application of the existing framework to crypto asset securities," the ruling states.  

The ruling …