SC refuses to entertain plea to frame guidelines for crypto regulation

The Supreme Court has refused to entertain a petition seeking a direction to the Centre and others to frame guidelines for regulation of trading and mining of cryptocurrencies.

Chief Justice D Y Chandrachud, leading the bench alongside Justices J B Pardiwala and Manoj Misra, asserted that the primary reliefs sought in the plea leaned more towards legislative direction. The bench remarked that despite the petition being filed under Article 32 of the Constitution, it was apparent that the "real purpose is to seek bail in proceedings which are pending against the petitioner."

Dismissing this approach, the bench emphasised that the petitioner could seek regular bail through the appropriate legal channels. Regarding the main reliefs sought, the bench clarified that they were more akin to legislative directions, which the court cannot issue under Article 32 of the Constitution. Article 32 addresses the right to constitutional remedies, granting citizens the right to approach the apex court for the enforcement of their rights.

The plea, filed by an individual from Uttar Pradesh, also included a request for a directive to prosecute cases involving digital assets and cryptocurrencies. The bench concluded by disposing of the petition, granting the petitioner the liberty to pursue legal remedies in accordance with the law.

(With PTI Inputs)