Coinbase takes legal action against SEC for delayed response to crypto rulemaking petition.

Coinbase has filed an Administrative Procedure Act challenge against the US Securities and Exchange Commission (SEC), asking a federal court to force the regulator to provide "regulatory clarity" around how existing securities laws might apply to the digital asset sector. The move comes after the SEC warned Coinbase it expected to sue the exchange over allegations of listing and offering unregistered securities products last month. Coinbase is expected to respond to the specific allegations by the end of April.