The Third Circuit Court of Appeals had ordered the SEC to respond within seven days to Coinbase's "rulemaking petition" filed in 2022. Here is the article I read in more detail: https://www.coindesk.com/policy/2023/06/07/us-court-tells-sec-to-respond-to-coinbases-rulemaking-petition-within-a-week/
I have to say after the initial crypto dump and loss of 10% or more in the market, I am a firm believer that the news the other day about the SEC charging BINANCE and COINBASE with trading securities will be a good thing in the long run. It will bring clarity to the market. I also believe the United States Third Circuit Court of Appeals ruling forcing the SEC to respond to Coinbase's rulemaking petition is going to speed up regulation for the cryptocurrency market. If you go back and look at my posts I have bene advocating for regulation in the market. When regulation comes to the market, it will be the single biggest drive for the next (and yet to be seen anything like it) bull market.
I love what Coinbase is doing, and what they have been trying to do. If you think about it, Coinbase is on the Nasdaq and is a legal company registered in the United States. They stand to gain immensely when the SEC gets put back in it's place. In 2022, I they filed a petition with the SEC for clarity on the rules for what they are doing with cryptocurrency. They are above board and looking for guidance. The recent ruling is going to force the SEC to do it's job!
Let's think about the SEC for a minute. Gary Gensler is going to get them into trouble. He recently stated the US does not need cryptocurrency because it has the dollar. In the end that is a poor take, and the dollar really has nothing to do with cryptocurrency. Instead of suing crypto exchanges, they could have worked with cryptocurrency exchanges and provided common sense regulation instead of trying to kill cryptocurrency. It cannot be killed, and is here for the long term.
I am an optimist about the current state of crypto, bought the recent dip, and will continue to buy when others run scared because the US government (LIKE EUROPE with MiCA) will eventually provide guidance and laws regarding the industry that will be good for the crypto market.
