The United States Court of Appeals for the Third Circuit has issued a partial ruling in favor of Coinbase. The case centers around the Securities and Exchange Commission's (SEC) previous rejection of Coinbase's petition for cryptocurrency-specific regulations.
The court criticized the SEC's decision as "arbitrary and capricious", thus mandating the regulatory body to offer a more detailed explanation for their rejection. This represents a notable development in the ongoing legal struggle between Coinbase and the SEC, indicating a potential shift in regulatory oversight for cryptocurrencies.
