Coinbase cites Binance BNB token precedent in SEC petition
“Rulemaking is required here because the SEC has adopted a novel and sweeping, yet still indeterminate, view of the securities laws,” attorneys wrote.
Coinbase is building on the momentum from Judge Amy Berman Jackson’s ruling in the United States Securities and Exchange Commission v. Binance case. The exchange cited her precedent-reinforcing decision that secondary sales of Binance’s BNB token do not constitute securities sales under the criteria listed in the Howey test.
In a letter, attorneys relayed Coinbase’s accusations that the SEC was arbitrarily engaging in rule-making without a consistent framework and wrote that the SEC “has never coherently explained” its regulatory process “but is attempting to impose [it] retroactively on the digital asset industry through a scorched-earth enforcement campaign.”
On June 27, Coinbase filed a lawsuit against the SEC and the Federal Deposit Trust Corporation, alleging both government agencies conspired to keep the crypto industry out of the banking sector.
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Author: Vince Quill
