Coinbase Wins Court Order for SEC Clarification on Cryptocurrency Regulation Petition

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After getting in-principle approval in November, Circle Singapore now has its Major Payment Institution (MPI) license to offer digital payment token services in Singapore. Circle Singapore is authorized to provide digital payment token services, international money transfers, and domestic money transfers in the city-state according to a license from the Monetary Authority of Singapore (MAS). Circle is a subsidiary of Circle Internet Financial, which also produces USDC, the second-largest stablecoin in terms of market capitalization. The MAS introduced stablecoin regulations last year, which established capital and reserve requirements for issuers and attempted to prevent user participation in lending and staking, which allows users to lock cryptocurrency to earn income.

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The U.S. Securities and Exchange Commission (SEC) has been directed to clarify the agency’s position on a rulemaking petition filed by cryptocurrency exchange Coinbase (COIN) by the United States Court of Appeals for the Third Circuit. In a lawsuit under the Administrative Procedure Act, Coinbase urged the court to make the SEC to react to its 2022 petition for formal rulemaking in the digital asset space. The SEC has been required to provide an explanation within 7 days of whether it plans to deny Coinbase’s request, the justifications for doing so, or a timetable for doing so. Paul Grewal, the chief legal officer of Coinbase, claimed that the SEC could not be pursuing legal action against their sector if it had not already chosen to reject their request for regulation. The SEC must also justify its refusal to continue giving the court oversight of the case and its refusal to give Coinbase the requested frequent updates on rulemaking.

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