- The platform will continue to operate normally
- Armstrong said he’s happy his company will defend the industry’s interests in court.
Responding to a lawsuit filed by the SEC against the Coinbase exchange, the company statedthat the agency’s approach is detrimental to the economic competitiveness of the United States. Paul Grewal, Chief Legal Officer and General Counsel of Coinbase, stated:
“The SEC’s approach, which is based solely on an enforcement approach without clear rules for the digital asset industry, hurts the economic competitiveness of the United States and companies like Coinbase that have shown their willingness to follow the rules.”
Grewal offered his proposal to resolve the problem, noting that the introduction of legislation that ensures the transparent development and equal application of fair rules instead of litigation can serve as a solution to this problem.
Coinbase CEO Brian Armstrong also expressed his opinion on this situation. On his Twitter, he wrote:
“We are proud to represent the industry in court to finally clarify the rules of cryptocurrencies. Remember that the SEC has overhauled our business and allowed us to become a public company in 2021. The SEC and the CFTC have not even agreed on what is a security and what is a commodity. So the US Congress is introducing new legislation to rectify the situation, and the rest of the world is trying to introduce clear rules to support this technology. Instead of publishing a clear set of rules, the SEC has taken a regulatory approach that hurts America. So, if we have to use the courts to get clarity, so be it.”