- Dan Gambardello backs Coinbase against SEC, applauding the court’s ruling for shining a light on the SEC’s evasive process.
- The Third Circuit’s ruling to retain jurisdiction over Coinbase’s challenge to the SEC’s inaction on the petition is seen as a positive development for crypto.
- SEC’s labeling of cryptocurrencies as securities continues to meet backlash amid unclear regulatory landscape.
Popular crypto analyst and founder of Crypto Capital Venture, Dan Gambardello lends support to leading cryptocurrency exchange Coinbase amid its legal tussle with the U.S. Securities and Exchange Commission (SEC).
Commenting on a tweet by Coinbase CLO Paul Grewal, Gambardello stated:
A few days back, Coinbase sought redress via Mandamus Order for the SEC’s evasive actions. The filing by Coinbase highlighted the failure of the SEC to provide clear answers regarding Coinbase’s rulemaking petition that calls for a regulatory framework for digital assets.
Today, Paul Grewal tweeted:
The Third Circuit just ruled that it will retain jurisdiction over our challenge to the SEC’s inaction on our petition for basic rules for crypto. A further report is due in 120 days. We are grateful that the Court will continue to shine a bright light on an SEC process that until now has operated entirely in darkness.
In response to the tweet, Dan Gambardello highlighted the importance of this development and noted that it further intensifies the pressure on the SEC. He stated that the court’s decision signifies an acknowledgment of the SEC’s insufficient transparency and accountability in their approach to crypto regulations.
The ADA enthusiast expressed his gratitude towards Coinbase, Paul Grewal, and CEO Brian Armstrong for fighting for the crypto space.
Just two weeks back, the U.S. SEC filed charges against Coinbase, Inc., accusing the cryptocurrency exchange of operating as an unregistered national securities exchange, broker, and clearing agency.
Ever since then, the crypto community has been actively challenging the regulatory agency’s actions, as it began labeling numerous cryptocurrencies as securities in its lawsuits against crypto platforms, all while failing to provide clear regulatory guidelines.
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