A federal appeals court says the U.S. Securities and Exchange Commission needs to better explain why it turned down a request from Coinbase to develop regulations to cover the booming crypto asset sector — although the judges stopped short of reversing the agency's decision.

The U.S. Court of Appeals for the Third Circuit ruled on Jan. 13, 2025, in favor of Coinbase in its legal battle with the Securities and Exchange Commission (SEC).

Coinbase triumphs in a pivotal legal battle with the SEC. The court grants a writ of mandamus in favor of Coinbase’s 2022 petition. SEC’s denial

A federal appellate court on Monday ordered the Securities and Exchange Commission to revisit its decision not to write new rules for when digital assets fall under its authority. Why it matters: The The 3rd Circuit Court of Appeals firmly rebuked the agency,