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Coinbase, Inc. v. Securities and Exchange Commission

126 F.4th 175 (2025)

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Coinbase, Inc. v. Securities and Exchange Commission

United States Court of Appeals for the Third Circuit
126 F.4th 175 (2025)

Facts

Coinbase Global, Inc. (Coinbase) (plaintiff) was a trading platform for digital assets, like cryptocurrencies and tokens. Coinbase filed a petition with the Securities and Exchange Commission (SEC) asking the SEC to adopt rules clarifying whether and when federal securities laws applied to these types of digital assets. The SEC denied the petition, providing a short explanation indicating that it had higher priorities and wanted to gather more information before engaging in formal rulemaking on the issue. Coinbase appealed the denial to the United States Court of Appeals for the Third Circuit, arguing that the Administrative Procedure Act required that the SEC engage in the requested rulemaking process.

Rule of Law

Issue

Holding and Reasoning (Ambro, J.)

Concurrence (Bibas, J.)

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Casebooks

Securities Regulation

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