According to PANews, the U.S. Securities and Exchange Commission (SEC) recently submitted a document to the U.S. Third Circuit Court of Appeals in response to Coinbase's attempt to force a reform in cryptocurrency legislation. The SEC stated that the current regulations are sufficient and there is no need to start formulating new rules from scratch. The SEC emphasized that describing the existing regulations as 'inoperable' is unreasonable. It denied the need for a completely new regulatory system, as some proposed rules and commitments are already functioning in dealing with cryptocurrency securities.
Coinbase's Chief Legal Officer responded to the SEC's statement, asserting that it merely reiterated the fallacy that the current regulations are feasible. He expressed confidence that the court would understand this point.