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Will Coinbase file a new petition for crypto-specific rulemaking by the end of 2025?
2
Resolution / Starting Odds
Yes • 50%
No • 50%
Public announcements or legal filings by Coinbase
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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Yes • 50%
No • 50%
Explanation provided with no further action • 25%
No explanation provided • 25%
Explanation leads to modification of existing rules • 25%
Explanation leads to new rulemaking • 25%
No • 50%
Yes • 50%
Deny petition with revised explanation • 25%
No decision by deadline • 25%
Deny petition without significant changes • 25%
Approve petition • 25%
Yes • 50%
No • 50%
No action taken • 25%
Investigation ongoing • 25%
Fines imposed • 25%
Regulation imposed • 25%
Yes • 50%
No • 50%