"Coinbase's Rulemaking Petition Sparks Urgent Response from US Court and Senators"
The US Court of Appeals for the Third Circuit has given the Securities and Exchange Commission (SEC) seven days to clarify its position on Coinbase's rulemaking petition. Coinbase filed the petition in July 2022, asking the SEC to clarify its rules on which assets should be regarded as securities and how to regulate digitally native securities. The court order comes amid a legal battle between the SEC and Coinbase, with the regulator charging the exchange for violating license rules and offering unregistered securities via its staking service. Coinbase's chief legal officer has called upon the US Congress to approve a draft bill that aims to establish rules for differentiating which digital assets are securities or commodities.