- Coinbase slams the SEC, claiming that its regulatory policies destroy the crypto industry.
- The platform asserts that the SEC hasn’t taken the initiative to frame convenient regulatory policies.
- The exchange states that the SEC tried to misrepresent their authoritarian control as little dangerous.
Coinbase, one of the prominent cryptocurrency exchanges, has recently slammed the Securities and Exchange Commission’s destructive regulatory stance. In its closing brief for the rulemaking petition, filed on May 31, 2024, Coinbase alleged, “The SEC is serious about the destruction of digital assets.”
Paul Grewal, Coinbase Chief Legal Officer, shared insights on the exchange’s arguments against the regulators in the filing. Grewal cited, “The SEC is bent on choking the digital asset industry, and is refusing to provide the necessary rules the industry has requested in order to tighten the squeeze.”
Coinbase argued that the SEC hadn’t initiated to frame convenient crypto regulatory laws despite the exchange’s repeated efforts. The platform added, “Giving the agency further opportunity to explain itself is both pointless and exquisitely undeserved.”
Further, Coinbase argued that the SEC tried to misrepresent its authoritarian control over the crypto sector as little dangerous, claiming that the rules would only harm a small segment of the industry. The exchange stated, “The SEC tries to minimize its oppressive stance by asserting that only a “small set of market participants” “may” experience “compliance difficulties” under “discrete provisions” of existing rules.”
Concern has been raised about the need for a clearer and more convenient regulatory framework. Individuals, industry experts, and political leaders have urged authorities to implement new crypto laws.
For instance, former US President Donald Trump recently pointed out the significance of regulatory clarity in the nation. Accepting crypto donations and promoting the development of a crypto army, Trump questioned the SEC and the Biden Administration’s anti-crypto stance.
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