SEC Faces Backlash as Coinbase Secures Legal Victory: What It Means for Crypto 

News Jan 17, 2025 05:20 UTC The Third Circuit Court ruled in favor of Coinbase in its legal battle with the SEC, forcing the agency to provide clear crypto regulations.Binance filed a notice of supplemental authority, hoping to strengthen its own case against the SEC.With the anticipated appointment of pro-crypto figures like David Sacks and Paul Atkins, the crypto industry is optimistic about a more favorable regulatory environment.Earlier this week, a three-judge panel in the Third Circuit ruled in favor of coinbase coinbase – [email protected] WalletCentralised Exchange Global Inc. (NASDAQ: COIN) in its legal fight against the U.S. SEC. The SEC had accused Coinbase of operating as an unregistered national securities exchange, broker, and clearing agency.But what does this ruling mean for the future of crypto regulation in the U.S.?Coinbase argued that under SEC Chair gary gensler gary gensler Gary Gensler is a pioneer and the current chair of the U.S. Securities and Exchange Commission. He has extensive experience that spans Wall Street, government regulation, and an angel teaching about cryptocurrencies and blockchain at MIT. Gary S. Gensler was on born October 18, 1957, in Baltimore, Maryland.He graduated from Pikesville High School in 1975, where he was later given a Distinguished Alumnus award. He also earned a degree in economics.Gensler served in the United States Department of the Treasury as Assistant Secretary for Financial Markets from 1997 to 1999, then as Undersecretary for Domestic Finance from 1999 to 2001He has expressed his desire to present crypto-related approach changes later on that include token commitments, decentralized finance, stablecoins, guardianship, exchange-traded resources, and advancing stages. Chairman ’s leadership, the agency has failed to provide clear and specific regulatory guidance for the cryptocurrency industry. The company also criticized the SEC for using outdated rules that don’t fit with the modern world of blockchain and digital assets. Coinbase believes these outdated regulations are hurting the U.S. Web3 sector.The SEC has brought similar charges against Binance Holdings, accusing the exchange of operating as a securities exchange, broker, and clearing agency without the required approval. After the recent ruling in the Coinbase case, which ordered the SEC to provide a clearer explanation of crypto regulations under federal securities law, Binance filed a notice of supplemental authority.Previously, Binance had tried to get the SEC’s case dismissed, arguing that there was not enough evidence to show that digital assets violated the Howey test. On top of that, the U.S. Congress has yet to provide clear guidelines on crypto, leaving the regulatory environment uncertain for both Coinbase and Binance.As the Biden administration nears the end of its term, many in the cryptocurrency industry are already looking to what could come under the Trump administration. President