The crypto is now primed for another SEC bomb that could create chaos for the price of Bitcoin, Ethereum, BNB and XRP

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BitcoinBTC, ethereum and other major cryptocurrencies BNBBNB and XRPXRP were left reeling from a devastating punch from the US Securities and Exchange Commission (SEC) this week.

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The price of bitcoin surged this week as the SEC launched a lawsuit against first crypto exchange Binance, then against its US rival Coinbase, just after Congress introduced a potentially revolutionary crypto bill .

Now, a U.S. judge has ordered the SEC to respond within seven days to a 2022 petition made by Coinbase, asking the regulator to provide “regulatory clarity” on how existing securities laws might apply. to bitcoin, etheruem and other cryptocurrencies.

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MORE FROM FORBES $100 billion crypto price crash triggers serious Coinbase warning as Bitcoin and Ethereum plummetBy Billy Bambrough cryptocurrencies over the past few years, wreaking havoc on bitcoin price and major Ethereum coins, BNB and XRP.CQ-Roll Call, Inc via Getty Images

The United States Court of Appeals for the Third Circuit has ordered the SEC to explain whether it intends to deny Coinbase’s request, the reasons for such a decision, or a timeline for when it will. is waiting to come to a conclusion, it was reported by Coindesk.

“Rules of the road, whether from legislation or rule-making or both, must come before enforcement action. That’s why we asked the SEC to make rules nearly one year in the first place,” Paul Grewal, Coinbase’s chief legal officer, said on Twitter. .

“We continue to believe that the SEC could not bring a lawsuit against our industry, such as the case filed against us today, if the SEC had not already decided to deny our rulemaking request.”

In April, Coinbase filed a lawsuit in an attempt to force the hand of the SEC and claimed the current requirements are ill-suited to bitcoin, cryptocurrencies, and digital assets such as non-fungible tokens (NFTs).

“If the SEC responds to our rulemaking request with a ‘no’, they are required by law to tell us, because we have the legal right to challenge that ‘no’ in court. And there is serious questions to ask,” Grewal added.

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MORE MARKET MANIPULATION AND INSIDER TRADING FROM FORBES – Elon Musk and Tesla face a nightmarish new challengeBy Billy Bambrough a few years back with the 2022 crypto price crash wiping $2 trillion from the combined price of the bitcoin, ethereum, BNB and XRP.Forbes Digital Assets

This week, Coinbase, along with its rival Binance, were sued by the SEC, both being sued for violating US securities laws. The SEC complained that Coinbase and Binance failed to register as securities exchanges and labeled many cryptocurrencies available for trading on the two exchanges as securities.

SEC Chairman Gary Gensler defended the regulator’s approach, criticized by some in the crypto community as “regulation by enforcement”.

The investing public benefits from US securities laws,” Gensler told CNBC. “Crypto should be no different, and these platforms, these intermediaries need to come into compliance.”

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I am a journalist with significant experience covering technology, finance, economics and business worldwide. As founding editor of Verdict.co.uk, I reported on how technology is changing business, political trends and the latest cultures and lifestyles. I have covered the rise of bitcoin and cryptocurrency since 2012 and traced its emergence as a niche technology in the greatest threat to the established financial system the world has ever seen and new technology the more important since the Internet itself. I’ve worked and written for CityAM, the Financial Times, and the New Statesman, among others. Follow me on Twitter @billybambrough or email me at billyATbillybambrough.com. Disclosure: I occasionally hold a small amount of bitcoin and other cryptocurrencies.

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