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What will be the SEC's response to the Third Circuit's ruling on Coinbase's petition by the end of 2025?
3
Resolution / Starting Odds
New rules issued • 25%
Further explanation without new rules • 25%
Decision appealed • 25%
No action taken • 25%
Official SEC announcements or legal documents
Story
Third Circuit Calls SEC's Denial of Coinbase's 2022 Crypto Petition 'Arbitrary and Capricious'
Jan 13, 2025, 08:19 PM
Coinbase secured a partial victory against the U.S. Securities and Exchange Commission (SEC) as the U.S. Court of Appeals for the Third Circuit ordered the agency to provide a more thorough explanation for its denial of Coinbase's 2022 petition for crypto-specific rulemaking. The court ruled that the SEC's order was 'conclusory and insufficiently reasoned, and thus arbitrary and capricious,' violating the Administrative Procedures Act. Paul Grewal, Coinbase's Chief Legal Officer, announced the decision. While the court did not mandate the SEC to establish new rules, the decision rebukes the agency's regulation-by-enforcement approach and highlights concerns over the lack of clarity for crypto companies. This ruling marks the second time a federal appellate court has criticized the SEC's actions as 'arbitrary and capricious' in crypto-related cases.
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Explanation leads to modification of existing rules • 25%
Explanation leads to new rulemaking • 25%
Explanation provided with no further action • 25%
No explanation provided • 25%
Approve petition • 25%
Deny petition with revised explanation • 25%
Deny petition without significant changes • 25%
No decision by deadline • 25%
In favor of Coinbase • 33%
Mixed ruling • 34%
In favor of SEC • 33%
Yes • 50%
No • 50%
No response • 25%
Settle with affected companies • 25%
Appeal rulings • 25%
Adopt new guidelines • 25%
Yes • 50%
No • 50%
SEC wins • 25%
Dropped • 25%
Settled • 25%
Coinbase wins • 25%
SEC wins majority • 25%
No resolution reached • 25%
Coinbase wins majority • 25%
Majority are settled • 25%
In favor of Coinbase • 25%
In favor of SEC • 25%
Settled before ruling • 25%
Dismissed • 25%