A panel of federal appeals court judges in Philadelphia dealt another blow to the SEC’s crypto regime on Monday, emerging as the latest prominent court to question how the federal agency has navigated its regulation of digital assets. 

The U.S. Court of Appeals for the Third Circuit ruled today in favor of Coinbase, which sued the SEC last year over the agency’s refusal to explicitly lay out its crypto policy. Instead of putting forth crypto-specific rules, the SEC has instead sporadically sued crypto firms over the last six-odd years in a pattern that has been disparagingly dubbed “regulation by enforcement.” 

Today a three-judge panel, comprised of two Democrats and one Republican, ruled that the SEC’s dismissive response to Coinbase’s request for crypto-specific rulemaking was unacceptable. 

“Because we believe the SEC’s order was conclusory and insufficiently reasoned, and thus arbitrary and

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Author: Sander Lutz