Coinbase chief lawyer Paul Grewal stated that approaches SEC regulation is hurting US competitiveness. This is reported The Block.
“The SEC’s reliance on enforcement alone, in the absence of clear rules for the digital asset industry, is hurting the economic competitiveness of the US and companies like Coinbase that have demonstrated a commitment to compliance,” the top manager said.
He also stressed that the exchange plans to continue working as usual.
“The solution is legislation that allows for the transparent development and enforcement of fair rules, not litigation,” Grewal added.
Coinbase CEO Brian Armstrong wrote:
“Instead of publishing a set of clear rules, the SEC has taken enforcement action that hurts America. So if we have to go to court to get clarity, so be it.”
According to him, the lawsuit is largely focused on whether the exchange carried out a listing of securities. Armstrong stressed that his company is confident in its approach.
Cryplogger previously reported on the SEC lawsuit against Coinbase, filed a day after the start of proceedings with Binance.
The regulator claims that the platform violated securities laws. According to the agency, a number of tokens on the exchange fit this definition: SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH and NEXO.
The SEC said that Coinbase illegally combines three functions – as a broker, exchange and clearing agency – that are usually separated in traditional markets. The regulator also targeted the Coinbase Earn staking program.
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