Coinbase and the U.S. Securities and Exchange Commission (SEC) clashed in a Philadelphia federal appeals court on Monday as the cryptocurrency exchange pushed the regulator to establish specific rules for digital assets.

Cryptocurrency exchange Coinbase Global Inc. urged a federal appeals court to force the US Securities and Exchange Commission to create new rules that would govern digital assets and help end a long legal fight between the industry and regulators.

The SEC’s reasons for denying a Coinbase Inc. petition for rules governing the cryptocurrency industry were “sparse” and “pretty close to vacuous,” a Third Circuit judge told an attorney for the agency at oral argument Monday.

Smartphone with displayed Coinbase logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo (Reuters) - Coinbase and the U.

Judges in the Third Circuit Court of Appeals had tough questions for the Securities and Exchange Commission today in the lawsuit where the crypto exchange Coinbase has demanded new rulemaking for the blockchain industry.

Coinbase and the SEC are fighting in federal appeals court as the crypto exchange disputes the SEC’s authority over cryptocurrency. Coinbase has filed an appeal

Coinbase collided with the SEC Monday as the crypto exchange giant continues to push the Wall Street regulator for crypto-centric rulemaking, which the Commission has refused.

The United States Court of Appeals for the Third Circuit has questioned the SEC’s refusal to provide clear guidelines for the crypto industry. Coinbase had asked the SEC in July 2022 to create rules for securities offered and traded digitally.

Coinbase Global (NASDAQ:COIN) asked a federal appeals court on Monday to overturn the Securities and Exchange Commission's denial of the crypto exchange's petition for new rulemaking on crypto in December 2023,