A U.S. court ruled that Coinbase cannot force the SEC to establish new cryptocurrency regulations

ChainCatcher news, according to unfolded reports, a U.S. court has ruled that Coinbase cannot force the U.S. Securities and Exchange Commission (SEC) to create new rules.

Previously, Coinbase stated in its opening brief submitted to the Third Circuit Court of Appeals that the appellate court should instruct the SEC to begin a "long-delayed rulemaking process."

Coinbase argued that the SEC violated the Administrative Procedure Act by not engaging in rulemaking and failing to provide a detailed explanation for rejecting Coinbase's rulemaking petition. The Act outlines how federal agencies should develop and publish rules.