Home Regulation Coinbase sues SEC, Ark Invest buys $8.6m in Coinbase stock

Coinbase sues SEC, Ark Invest buys $8.6m in Coinbase stock

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important point

  • Cryptocurrency exchange Coinbase has filed a lawsuit against the US Securities and Exchange Commission (SEC).

  • Coinbase hopes the agency will provide a yes or no to Coinbase’s request for a committee to draft and approve rules specific to digital assets.

  • Cathie Wood’s Ark Invest has purchased $8.6 million worth of Coinbase stock.

Coinbase sues US SEC

Coinbase, one of the major US cryptocurrency exchanges, has filed a lawsuit against the US Securities and Exchange Commission.

The lawsuit comes after the cryptocurrency exchange filed a petition with the SEC last summer. Coinbase wants securities regulators to provide a yes or no to requests for the commission to draft and approve rules specific to digital assets.

Coinbase Chief Legal Officer Paul Grewal wrote: blog post On Monday he said:

“From the SEC’s official statements and enforcement activity in the cryptocurrency industry, it appears that the SEC has already decided to dismiss our petition. The lawsuit simply asks the court to share its decision with the SEC.”

Crypto exchanges can also file separate lawsuits for federal courts to force the SEC to create new rules if regulators refuse.

The SEC and Coinbase could now develop into a lengthy legal battle. last month, SEC Provided Wells Notice to Coinbaseindicating that it is investigating Coinbase’s activities for potential violations of U.S. securities laws.

Coinbase’s CEO said last week, Crypto exchanges may transfer If U.S. regulatory ambiguity persists, to another country.

Ark Invest Loads Coinbase Stocks

Ark Invest, an American investment management firm run by CEO Cathie Wood, continues to buy shares in Coinbase. The ARK Innovation ETF on Coinbase he bought 122,083 shares, the ARK Fintech Innovation ETF bought 14,633 shares, and the ARK Next Generation Internet ETF added 20,327 shares, totaling $8.6 million.

Cathie Wood’s Ark Invest remains one of Coinbase’s largest shareholders despite selling $13.5 million worth of shares last month.

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