A lawyer for the crypto exchange said the agency still hasn’t explained its reasoning for denying a request for guidelines as to how it determines what is a security.

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 examined the United States Securities and Exchange Commission’s denial of Coinbase’s request for crypto rulemaking, questioning its limited reasoning.

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.

The Third Circuit Court grilled the SEC for not giving a solid reason when it denied Coinbase’s request for clear crypto regulations. Coinbase asked the SEC to create specific rules for crypto assets in July 2022, but the SEC rejected the request with a vague two-page denial.

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.

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