Third Circuit Coinbase Decision Pressures SEC on Crypto Rulemaking
By EsqSocial Corporation 17/01/25
On Monday, the U.S. Court of Appeals for the Third Circuit issued the attached opinion requiring the SEC to provide a more complete explanation for its refusal to engage in formal notice-and-comment rulemaking regarding the application of securities laws to digital assets, finding that the agency’s one-paragraph denial of Coinbase’s request for such rulemaking was insufficiently reasoned, and thus arbitrary and capricious, under the Administrative Procedure Act (APA)....
By: Ropes & Gray LLP