venture capital firm paradigm submitted an amicus brief in support Coinbase Global Inc.s COIN ongoing lawsuit against the United States Securities and Exchange Commission (SEC).

The purpose of the lawsuit is to force the SEC to respond to Coinbase’s rulemaking petition calling for practical guidance for the cryptocurrency industry.

paradigm specified SEC Chairman Gary GenslerThe repeated request to register cryptocurrency projects is a “disingenuous admonition” that cannot be complied with.

In the amicus brief, Paradigm argued that the SEC has a legal obligation to provide explicit rules and regulations for the cryptocurrency industry, allowing individuals and businesses to adjust their behavior accordingly.

“By refusing to do this, the agency is effectively crippling a large and growing industry,” she added.

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Paradigm has criticized the SEC for regulating through press releases, social media posts, and selective enforcement actions rather than engaging in meaningful rulemaking.

cryptocurrency exchange Coinbase filed a petition with the SEC last year, urging the agency to propose and enact rules specifically tailored to regulate securities offered and traded through digital platforms.

The petition outlined the need for a comprehensive regulatory framework to address the unique challenges facing the cryptocurrency industry.

“As Coinbase’s petition shows, centuries-old securities laws don’t seem to fit digital assets and their exchanges. If the SEC wants companies to “come in and register,” Paradigm explained.

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