6/18/2023 0 Comments Gemini vs coinbaseThis is one reason some users choose to stake via exchanges, where the process is as simple as clicking a button and typically involves a small minimum investment amount.įor our best crypto staking platforms, we assessed exchanges and trading apps based on several factors, such as the number of coins available, coins available for staking, security, customer service, educational resources and trading fees, and more. To stake directly on a blockchain involves becoming a validator and can be complex for the uninitiated. This yield is variable and changes depend on the blockchain. In return for locking up one’s crypto for blockchain validation, stakers receive a yield as compensation. But many exchanges also offer features other than trading, and one popular feature is staking cryptocurrency for rewards. The outcome of this legal battle will have implications for the future of digital asset regulation in the United States and could impact the operations of crypto exchanges like Coinbase.Cryptocurrency exchanges and marketplaces typically focus on the buying and selling of particular digital assets. Overall, the SEC’s response to Coinbase’s lawsuit suggests that the regulatory agency does not believe Coinbase has standing to sue and that it is not compelled to issue new regulations specifically tailored to the digital asset industry. Coinbase’s argument that the commission simply needs to formalize its denial of the petition was deemed incorrect by the SEC, as no final agency action has been taken on the petition. The SEC informed the court that it has received over 1,600 “form-letter comments” and eight original comments on the matter, with Coinbase contributing three of the original comments.įurthermore, the SEC clarified that its consideration of new rules or amendments to existing regulations does not prevent it from enforcing the current regulations. The SEC dismissed Coinbase’s claim that a decision on the petition had already been determined as “baseless.” The commission stated that it is still considering Coinbase’s petition in the normal course of action and that it could potentially move forward with crypto-specific rules. “As Coinbase’s own submissions make clear, considering the various paths it suggests is a necessarily complicated endeavor,” the agency continues. “The rulemaking petition as to which Coinbase seeks an immediate determination asks the Commission to take a series of discretionary actions to replace existing applicable securities laws and regulations with a comprehensive new regulatory regime for the trading of crypto assets that are securities,” the SEC said. The SEC also emphasized that Coinbase’s request for a new regulatory regime for crypto assets came too soon after its initial petition, which proposed significant changes to existing securities laws and regulations. The agency pointed out that Coinbase’s expectation of a response within less than a year is unreasonable, considering that it has taken up to five or 10 years for the SEC to respond to petitions in other areas in the past. In its response, the SEC highlighted the complexity of considering the various paths suggested by Coinbase in its petition. The SEC Cannot Provide New Regulations Within a Short Timeframe Coinbase also responded to an SEC Wells Notice during the same week. Court of Appeals for the Third Circuit, seeking to compel the SEC to respond to its petition amid an escalating legal battle. Last month, the company filed a Mandamus petition with the U.S. The commission also clarified that it has yet to make a decision on Coinbase’s petition and is still considering the filing.Ĭoinbase originally submitted its petition to the SEC in July 2022, requesting guidance on digital assets. The SEC has asked the court to dismiss Coinbase’s petition, stating that the crypto exchange has not provided sufficient evidence to demonstrate the need for a new regulatory framework for the digital asset industry. The SEC has argued that Coinbase lacks standing to sue and that it is not obligated to issue new regulations.Īccording to the SEC, the cryptocurrency exchange had not demonstrated the need for the agency to develop a new regulatory framework for the digital asset market. The Securities and Exchange Commission (SEC) has filed a response to Coinbase’s recent lawsuit for new digital asset regulations. Join Our Telegram channel to stay up to date on breaking news coverage
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