Coinbase CEO Brian Armstrong stated on social media that we have filed a lawsuit against the US Securities and Exchange Commission (SEC), questioning their refusal to establish clear rules for the industry, and it worked (the court forced them to respond). Now that they have formally responded (denying), we can challenge their response in court, which will help us move towards regulatory clarity. The question is why does the SEC not want to clarify the regulatory issues surrounding the cryptocurrency industry?

As previously reported by Golden Finance, Coinbase has formally requested a review of the SEC's refusal to establish rules by petitioning the court, which means that the exchange is asking the court to evaluate whether the SEC's refusal of the petition is appropriate.