The United States Court of Appeals for the Third Circuit has examined the United States Securities and Exchange Commission’s denial of Coinbase’s request for crypto rulemaking, questioning its limited reasoning. In July 2022, Coinbase asked the SEC to propose and adopt rules to govern securities that are “offered and traded via digitally native methods,” including clarification on which crypto assets are securities. However, the regulator denied this in late 2023, prompting the firm to ask the court of appeals to compel the SEC to answer the petition. On Sept. 23, members of a D.C. Third Circu…