On 2024-03-11, the U.S. Court of Appeals ruled that domestic cryptocurrency transactions fall under domestic securities law, marking a significant development in the regulatory landscape for digital assets. In response, Coinbase, a leading U.S. cryptocurrency exchange, has initiated legal action against the Securities and Exchange Commission (SEC). Coinbase accuses the SEC of arbitrary and capricious behavior for its refusal to tailor rules that would clarify oversight of the cryptocurrency industry. The exchange filed its opening brief in the Third Circuit, challenging the SEC's denial of Coinbase's rulemaking petition. Coinbase argues that the SEC's decision is an abuse of discretion and violates the Administrative Procedures Act.