“This Is An Opportunity To Get Rule Clarity In Court”- Coinbase Stresses On The Positive Amid SEC Lawsuit

“This Is An Opportunity To Get Rule Clarity In Court”- Coinbase Stresses On The Positive Amid SEC Lawsuit
фото показано с : zycrypto.com

2023-6-12 16:38

Coinbase CEO has responded to the SEC’s lawsuit against the company with great optimism, saying it is an opportunity to achieve clear-cut regulations finally. He also criticized the regulatory conflicts between the SEC and the CFTC as both agencies struggle to categorize cryptocurrencies between commodities and securities. Paul Grewal, the Chief Legal Officer, called the SEC’s action disappointing ahead of his hearing at the US Congress. 

Adverse reactions have trailed the Securities and Exchange Commission’s (SEC) regulatory approach toward Coinbase as the commission and 11 states filed a complaint against the company.

In response to the SEC’s lawsuit against the company, Coinbase CEO Brian Armstrong took to Twitter to express optimism about the development of the crypto industry so far. According to him, “the team is very confident in our facts and law..” “This is a chance to finally get the needed clarity.”

He went further to explain to his followers that the company reviewed the business and allowed them to register as a public company and that was not done automatically but through a careful adherence to rules. Armstrong took the opportunity to swipe at the SEC and the Commodity Futures Trading Commission’s (CFTC) stance on digital assets.

“The SEC and CFTC have made conflicting statements and don’t even agree on what is a security and what is a commodity.”

Brian Armstrong has been a strong critic of the inconsistent approach of regulators in the United States, calling for a new holistic approach to regulating the industry. He also warned that the current “regulation by enforcement” approach is detrimental to the growth of crypto firms in the country.

Coinbase’s legal team has previously filed a suit against the SEC for failing to provide rules regulating digital assets and mandating the Commission to offer clarity.

Paul Grewal mounts pressure on SEC

Paul Grewal, Coinbase’s Chief Legal Officer, has called on Congress to adopt the Digital Asset Market Structure Draft while his company faces a lawsuit by the SEC. Speaking on the lawsuit, he stated that the SEC is “disappointing, but not surprising,” stressing the need to regulate effectively to catch up with other jurisdictions.

Grewal also noted that recent developments do not perturb Coinbase and will carry on business as usual despite 11 states slamming the company with a “cease and desist” order regarding its staking products.

“The solution is legislation that allows fair rules for the road to be developed transparently and applied equally, not litigation. Despite today’s complaint, we will continue to operate our business as usual,” Grewal added.

The lawsuits against Coinbase and Binance sent the market tumbling this past week though slight positive signals have trickled in. 

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Safe Exchange Coin (SAFEX) на Currencies.ru

$ 0.0054306 (-0.25%)
Объем 24H $1.742k
Изменеия 24h: 1.41 %, 7d: -8.63 %
Cегодня L: $0.0053635 - H: $0.0055227
Капитализация $6.099m Rank 99999
Доступно / Всего 1.123b SAFEX

commission coinbase sec regulatory trailed securities exchange

Источник: zycrypto.com

commission coinbase → Результатов: 126


No more panic? Crypto resilient after Binance lawsuit, but BNB hits a 6-month low

Binance Coin has fallen by double digits after SEC initiates investigations on exchange The rest of the crypto sector remains resilient, with AltSignals having potential $ASI presale demand could fuel the price increase when the token lists on exchanges News that the US Securities and Exchange Commission has sued Binance and later Coinbase could be […] The post No more panic? Crypto resilient after Binance lawsuit, but BNB hits a 6-month low appeared first on CoinJournal.

2023-6-9 23:03


Is Crypto.com SEC’s Next Target? $65 Million Sent To Binance Raises Red Flags

Recently, there has been speculation in the digital asset community that the Securities and Exchange Commission (SEC) may sue Crypto. com, a popular exchange and financial services provider. This comes after the SEC filed similar lawsuits against two other major exchanges, Coinbase and Binance, for selling “securities” without “proper” registration.

2023-6-9 22:00


Op-ed: Why the SEC should stay away from crypto (Part I)

It is time for the U. S. to implement intelligent, progressive, and specific digital asset regulation. The Securities and Exchange Commission’s recent charges against Coinbase and Binance have brought the debate on digital asset classification to a boiling point, and I believe it demonstrates that the organization is not equipped to regulate digital assets competently.

2023-6-9 20:37


US senators slam SEC’s Coinbase lawsuit, demand clearer crypto regulations

Two U. S. senators have criticized the Securities and Exchange Commission’s (SEC) lawsuit against the biggest American cryptocurrency exchange, Coinbase. On June 6, the SEC filed a lawsuit stating that Coinbase violated securities laws by operating as an unregistered broker, exchange, clearing agency, and offering unregistered securities via its Staking Program.

2023-6-7 12:36


US Doesn’t Need More Digital Currency, It Already Has The Dollar, Says SEC Chair

In a recent interview, Gary Gensler, the U.S. Securities and Exchange Commission (SEC) Chair, declared that the United States does not require any other digital currency. As the SEC takes legal action against major cryptocurrency exchanges Binance and Coinbase for allegedly operating unregistered securities exchanges, Gensler emphasized that the U.S. dollar already serves as a […]

2023-6-7 01:00


One-Two Punch Finally Registers SEC View on Binance, Coinbase, Rest of Crypto

The U.S. Securities and Exchange Commission (SEC) tore off crypto’s bandage this week, with its back-to-back enforcement actions against two of the most prominent digital assets platforms, Binance and Coinbase (COIN), finally establishing its legal argument against the industry and setting up the future court fights that could decide everything.

2023-6-6 21:26


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Donald Trump Declares Support For Cryptocurrency Companies – Details

Former US President and Republican Presidential candidate Donald Trump has pledged to support cryptocurrency companies if re-elected. This announcement comes as the American billionaire challenges incumbent President Joe Biden, whose administration seems to be reversing its stance on crypto policy.